Insurance Corporation of British Columbia
|This article may rely excessively on sources too closely associated with the subject, preventing the article from being verifiable and neutral. (April 2013)|
|Headquarters||North Vancouver, British Columbia, Canada|
|Revenue||3,721 million CAD (2010) |
|Net income||361 million CAD (2010)|
|Total assets||13,142 million CAD (2010)|
|Parent||Province of British Columbia|
The Insurance Corporation of British Columbia (ICBC) is a provincial crown corporation in British Columbia created in 1973 by the NDP government of British Columbia. The original purpose of ICBC was to provide universal public auto insurance in British Columbia. Its responsibilities have expanded to include driver licensing and vehicle registration and licensing.
By law, any vehicle registered and driven or parked on public streets in British Columbia must purchase ICBC's basic insurance package from an independent broker. This basic coverage, called "Autoplan," includes protection from third party legal liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability. At the time the Corporation was established, it held a monopoly on automobile insurance in the province, but in recent years private insurance firms have been permitted to offer optional additional coverage, such as extended liability, collision, and comprehensive plans. While ICBC continues to hold a monopoly on basic insurance, it has chosen to offer optional additional coverage, in competition with these firms.
Like other insurance companies, ICBC bases its premiums on a client's claims history, type of automobile, and geographic location. The Corporation's discount plan (called "Roadstar" and "Roadstar Gold") rewards safe drivers with reduced premiums based on the number of years the driver has been free of successful claims against him or her.
ICBC is governed by a board of directors appointed according to the provisions of the Insurance Corporation Act, ICBC's enabling statute. The board of directors, the CEO, and ICBC management govern ICBC in accordance with corporate governance best practices, and in accordance with the provisions of the enabling legislation, the Motor Vehicle Act, and other legislation applicable to ICBC. Proof of insurance is demonstrated, in part, by the application of a decal to the licence plate.
Rates applicable to ICBC's basic automobile insurance coverage are subject to the review of, and are set by, the British Columbia Utilities Commission. Revenue collected by the Corporation goes mostly into paying insurance benefits, while some is invested in fulfilling the Corporation's mandate to promote safe driving (the "RoadSense" campaign) and pursue other loss prevention strategies.
ICBC has come under public scrutiny for poor governance, poor service and an unnecessarily large number of managers. The fact that ICBC runs a monopoly on auto insurance has been cited as the main reason as to why the organization does not provide adequate service to British Columbians while charging excessive rates. 
The Consumer Association of Canada, BC, has also released a report citing government involvement and poor management as two of the root causes behind ICBC providing poor service to British Columbian drivers. The report also states that when ICBC made the move from a not-for-profit organization to a for-profit revenue generator for the provincial government, British Columbian drivers were required to pay higher premiums for less coverage.
In 2012, in a survey conducted by J.D. Power and Associates, ICBC was ranked the worst automobile insurer in Canada by their clients. 
- Manitoba Public Insurance
- Saskatchewan Government Insurance
- Société de l'assurance automobile du Québec
- (PDF) ICBC 2010 Annual Report (Report). http://www.icbc.com/csDelPrd/Satellite?c=ICBC_Document_C&cid=1318422331792&pagename=ICBC%2FICBC_Document_C%2Ficbc_DocumentLinkT. Retrieved 12 November 2011.