ICBC's monopoly is a burden taxpayers simply cannot afford

August 31, 2020 (VANCOUVER) – Despite charging the highest auto insurance premiums in the country, the Insurance Corporation of British Columbia (ICBC) continues to be a financial dumpster fire that both drivers and taxpayers simply cannot afford.

ICBC's newly released numbers – delivered today as part of the government's 2019/20 Public Accounts – show that the crown insurer's $375 million financial loss has pushed the BC government into deficit. Were it not for ICBC, the province would have ended the fiscal year with a surplus of roughly $55 million.

Whereas private insurers pay corporate taxes that support vital public services in B.C., ICBC continues to be a drain on the provincial treasury. A history of ICBC's losses since 2016, totaling in excess of $3.8 billion, are set out below:

  • $293 million in 2015/16
  • $612 million in 2016/17
  • $1.33 billion in 2017/18
  • $1.15 billion in 2018/19
  • $375 million in 2019/20

Now, more than ever, it's time to put a stop to this ongoing financial risk to taxpayers and end ICBC's monopoly of auto insurance in British Columbia.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.

For media releases and more information, visit IBC's Media Centre at Follow us on Twitter @IBC_Pacific or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.