Today, Attorney General and Minister Responsible for ICBC David Eby said that the provincial government is committed to fixing systemic financial problems at ICBC to make life more affordable for British Columbians.
As one of his first actions as minister responsible, Eby requested that ICBC make public a 203-page report by the consulting firm Ernst & Young into mounting financial problems at the insurance corporation. Subsequent to the minister’s request, ICBC released the full report earlier today, which is available online.
“This report makes it clear that ICBC has been in crisis for years, something which the former Liberal government largely ignored. Rather than addressing the serious issues facing the corporation, the BC Liberals used insurance fees as a rapidly growing hidden tax. Drivers have been paying the price,” said Eby.
“I can assure British Columbians that help is finally here as our government is committed to working with the public, ICBC’s board, its executive and stakeholders to make rates affordable for people.”
The new government will consider recommendations made in the report that could reduce accidents, injuries, deaths and claim costs. Recent trends show the accident rate in B.C. is rising with a 23% increase in crashes between 2013 and 2016.
“However, I want to assure British Columbians that we are not considering photo radar or moving to a no-fault system for auto insurance,” said Eby.
“There are some obvious solutions that we will look at. For example, the former Liberal government missed such basic ones, such as ensuring good drivers are rewarded while bad drivers pay more. We will focus on finding answers that put the corporation back on stable financial footing, while maintaining our number one priority of making rates affordable,” added Eby.
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