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Insurance Bureau of Canada statement: ICBC projects financial loss of $298 million

VANCOUVER, BC, Nov. 25, 2022 /CNW/ - In the Province of British Columbia's Second Quarterly Report released today, the Insurance Corporation of British Columbia (ICBC) is projected to record a financial loss of $298 million for the current year.

IBC Logo Bilingual (CNW Group/Insurance Bureau of Canada)
IBC Logo Bilingual (CNW Group/Insurance Bureau of Canada)

Following this announcement, Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada, issued the following statement:

"This financial update from ICBC should be seen as incredibly disappointing news for ICBC's customers, as well as taxpayers in British Columbia who will ultimately bear the cost of these losses. After years of financial turmoil, the introduction of no-fault was supposed to help stabilize ICBC's financial situation by eliminating the right to sue in most cases and introducing strict limits on the care and recovery benefits it provides. As a result, the first year of no-fault saw ICBC spend 30% less helping accident victims recover from their injuries. Despite this, ICBC is once again forecasting a financial loss.

British Columbians have a new auto insurance system, but it is the same old ICBC. This update is yet another reminder of the cost of ICBC's monopoly, and the need to open the market to competition to give drivers a choice and taxpayers relief."

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

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