BC Conservatives Support Reforming ICBC
The BC Conservative Party supports reforming the Insurance Corporation of British Columbia (ICBC) in order to reduce insurance rates for BC drivers.
Over years of mismanaging ICBC, the Liberals raided the crown corporation repeatedly in order to tell British Colombians that they had balanced the province’s budget. A recent report by Ernst & Young found that the average driver in B.C. may need to pay almost $2,000 in annual total premiums for auto insurance by 2019, an increase of 30 per cent over today’s rates. ICBC itself indicated that rates would need to increase by 42 per cent over the next five years to make up for expenses. Even now BC drivers pay the highest insurance premiums in Canada.
"ICBC has turned into a train wreck and a national embarrassment," said Scott Anderson, Interim Leader of the BC Conservatives. "The Liberals used it as a piggy bank and the NDP's answer is to simply raise rates, just as they plan to raise taxes. Neither one is acceptable."
- The BC Conservatives will turn ICBC into a co-operative, ensuring that BC drivers who pay premiums will be the ones who own the organization. A co-operative will work in drivers’ best interest, rather than serving the government of the day.
- The BC Conservatives will also open the industry to private competition, to help drive rates lower.
British Columbia has a well established, profitable, strong, and well managed co-operative movement. BC is home to three of the five largest credit unions in Canada, plus a co-operative that is the largest supplier of outdoor equipment in Canada.
“We agree with the Canadian Taxpayers Federation that ICBC should be turned into a co-operative owned by BC drivers,” said Anderson. “Competition also must be opened up to private companies for basic insurance in order to reduce insurance rates for everyone. It is completely unacceptable that BC drivers now pay the highest insurance premiums in Canada!”
“The NDP built ICBC, the Liberals destroyed it, and now the NDP are trying to fix the sinking ship with skyrocketing insurance rates. A guaranteed way to ensure that BC drivers no longer pay the highest insurance rates in Canada is to turn ICBC into a co-op, then open up basic insurance to competition,” concluded Anderson.
For more information:
Scott Anderson, Interim Leader, BC Conservative Party
Telephone: (250) 434-2550 | http://www.bcconservative.ca/