The Insurance Corporation of B.C. (ICBC) has applied to the B.C. Utilities Commission to freeze its basic rate for another two years.
The cost of ICBC鈥檚 basic vehicle insurance package hasn鈥檛 increased since 2019, when it jumped 6.3 per cent.
Speaking at the crown corporation鈥檚 headquarters in North Vancouver Monday (Dec. 12), Premier David Eby said the decision aims to help address the ever-increasing cost of living British Columbians are facing.
鈥淭he affordability of car insurance is a key part of owning a car.鈥�
ICBC CEO Nicolas Jimenez recognized the corporation is forecast to lose close to $300 million this year, but said the decision not to hike rates is relying on future projections. Specifically, Jimenez said they expect interest rates and global supply chain issues to level out in the coming years, improving ICBC鈥檚 own financial situation.
鈥淭he business is sound and we can afford to be doing what we are today,鈥� Jimenez said in response to skepticism.
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