ICBC’s CEO says that its no-fault insurance model has kept rates steady for years.
“Keeping rates stable for seven straight years and also providing rebates,” CEO Jason McDaniel told Global News.
In B.C.’s latest quarterly financial report, ICBC was forecast to contribute $295 million to the province’s revenue, but actually contributed $695 million, which is $400 million more than expected.
“Well, there are a lot of factors that go into how your income changes… So how much money you pay, how many people buy policies, how many accidents happen, how many claims or injuries,” McDaniel said.
“And our investment portfolio was a really big piece of this. And as you can imagine, the valuation of investment portfolio can go up and down over the course of a year, which is why it’s really not until we approach the end of the year that we have a real sense of how our income will land.”
McDaniel said the year-end for ICBC is March 31.
“The move to Enhanced Care is absolutely the reason why we’ve been able to keep rates flat year over year,” he added. “When we were in the old system, we were losing money.”
Gurprinder Curry says she is still dealing with ICBC in the aftermath of a collision in July 2023.
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“It’s better for them, but not better for the victims or the patients,” she said of the Enhanced Care model.
Curry was visiting the Lower Mainland on July 3 for her son’s birthday. She said she had gone outside the house to see her mother, when a white car “came from nowhere and hit us very badly.”
Surveillance footage from her parents’ home shows the white car hitting a black car in the driveway. Curry said she wound up “pinned” between that black car, which lurched forward, and a table that was in the open garage.
Two others were injured as well.
“I need to be focused on my treatment and not dealing with the ICBC,” Curry said. “But I have to do both. I have to fight for myself as well to get all the approvals.”
There has been opposition since ICBC switched to the no-fault model, which is meant to provide care and treatment benefits, no matter who was responsible for the crash.
“The provincial government is gouging ICBC for profits while denying seriously-injured victims justice from our courts,” Steve Kooner, the BC Conservative critic for the attorney general, said.
According to the report, in the 2024-2025 fiscal year, ICBC contributed $1.65 billion to provincial funds.
“As a result, we end up in a situation here where we have essentially thrown the baby out with the bathwater, to save a few bucks,” Greg Phillips with the B.C. Trial Lawyers Association said.
“The question to always ask when we see these figures being reported about how much money ICBC is now saving or making is who’s paying for it. It’s you and I. It’s the motoring public paying rates, and most importantly, it’s the injured people who are no longer entitled to the same level of compensation that they were.”
Attorney General Niki Sharma did not respond to multiple requests from Global News for an interview.
Last year, ICBC’s earnings were higher than forecast and eligible drivers received $110 rebates.
When asked if it could happen again this year, McDaniel said there is still a lot they don’t know about what could happen between now and March 31.
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