Insurance Bureau of Canada (IBC) is calling on the government of British Columbia to better protect communities from wildfire and flooding, and to restore competition in the province’s auto insurance system. These recommendations were part of IBC’s presentation to the Select Standing Committee on Finance and Government Services during the 2027 budget consultations.
“When it comes to severe weather, investing in prevention is far more effective than paying for recovery,” said Greg Moy, Manager, Government Relations, Pacific, IBC. “Governments can take practical steps that make communities safer while reducing the long-term cost of disasters for governments and residents.”
With disaster-related losses rising sharply over the years, IBC emphasized the urgent need to strengthen community resilience, including:
Fully funding BC’s adaptation and flood strategies
Improving hazard mapping and building codes
Encouraging FireSmart wildfire resilience practices in high-risk communities
Ensuring new homes are not built in areas vulnerable to flooding and wildfire.
IBC also urged the provincial government to restore competition in auto insurance by allowing Canada’s insurers to offer coverage for vehicle damage in BC, ending the current Insurance Corporation of British Columbia (ICBC) monopoly. In Quebec, where private insurers compete for this coverage, drivers benefit from greater choice, with premiums that are almost 40% lower than in BC.
“Competition is a powerful tool to ensure consumers get the best product and service at the best possible price – and auto insurance is no exception,” said Moy. “There is no public policy reason to maintain a monopoly over the insurance coverage that pays to repair your vehicle. Opening this part of the market would give drivers the choice they deserve.”
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