Whereas publicly available data indicates that rural BC residents are paying substantially more in ICBC insurance premiums than they are receiving in claims settlements and payouts; And whereas ICBC has not released specific data showing, by postal code, the amount of money rural BC residents have collectively paid for ICBC insurance premiums and received in claims settlements and payouts over the past 5 years; And whereas ICBC holds a vehicle insurance monopoly in BC and has made a strong public commitment to fairness in pricing: Therefore be it resolved that ICBC release the data for the total value of premiums paid for insurance, and the total value of claims settlements and payouts, by postal code, for the years 2014 to 2018, and each year going forward.
ICBC The amount of claims paid out by a community is not an accurate representation of how insurance premiums are determined. Current premiums are based on expected claims costs and take into account a number of factors that include, but are not limited to, territory. Further, last September, ICBC implemented an adjustment of the territory component on Basic insurance premiums to better reflect current data and provide more fairness. With the support of Government, we are currently focused on several major initiatives designed to help us return to a strong financial footing. Coming in May 2021, subject to approval by the Legislative Assembly, Enhanced Care-based insurance will build on the success of the changes made to date. It will also address the high costs associated with the current litigation-based system, in order to achieve the most important goals: more affordable insurance and significantly enhanced care for those injured in a motor vehicle accident. More information can be found on our website at: https:2021.icbc.com