Insurance Corporation of British Columbia
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|Headquarters||North Vancouver, British Columbia, Canada|
|Revenue||3,721 million CAD (2010) |
|368 million CAD (2013)|
|Total assets||13,142 million CAD (2010)|
Number of employees
|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.
On November 23, 2016 the BC Government made an announcement that luxury cars, classified as being worth $150,000 or more, will no longer be covered by ICBC. It is claimed that this will save approximately $2.3 million per year. With this move, high-end car dealers are critisizing the move saying it would be better to adjust rates that high end car owners pay, compared to ignoring an entire segment of the vehicles on the road.
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- ICBC 2010 Annual Report (PDF) (Report). Retrieved 12 November 2011.
- ICBC 2014 Annual Report (PDF) (Report). Retrieved 6 July 2015.
- "ICBC will stop insuring high-end luxury cars". NEWS 1130. 2016-11-23. Retrieved 2017-01-25.
- "High-end car dealers not consulted as ICBC says it will stop insuring expensive autos". Vancouver Sun. 2016-11-25. Retrieved 2017-01-25.