The BC Utilities Commission has approved ICBC’s request for an interim insurance rate increase by 6.3 per cent.
The rate will be effective on April 1, 2019.
ICBC had applied for the rate hike in December as it reported losses of $890 million in 2018-2019, following a $1.3 billion net loss in 2017-18.
According to ICBC, the hike means “an average increase of less than $60 for personal customers’ basic insurance coverage.”
A BCUC panel will make a final decision as to whether or not the rate hikes will become permanent, CBC reported.
As of April 1, all new and renewal policies will be subject to the rate hike.
It amazes me that ICBC continues to exist. Surely its monopoly should be abolished, and competition allowed for all motor insurance.