BC Drivers Deserve Better Options for Auto Insurance

VANCOUVER, Nov. 19, 2018 /CNW/ - Today, Don Forgeron, President and Chief Executive Officer of Insurance Bureau of Canada (IBC), spoke at a Greater Vancouver Board of Trade event about the importance of bringing competition to the auto insurance market in British Columbia.

"Under Insurance Corporation of British Columbia's (ICBC's) monopoly, British Columbians pay the highest auto insurance premiums in Canada – hundreds more than nearly all other Canadians, and double what Canadians in some provinces pay," said Forgeron. "Rates have increased significantly in recent years, and they are expected to rise again. In addition, BC drivers get fewer benefits when they make a claim. Higher prices, fewer benefits: it's a lose-lose situation," he added.

An MNP LLP report commissioned by IBC and released in January 2018 demonstrates how a competitive market for auto insurance could reduce premiums in BC. The report found that Canada's private insurers have increased efficiencies and developed product innovations and new ways to cut claims costs that could lower premiums for BC drivers.

"Opening BC's auto insurance market to competition could save drivers up to $325 annually," said Forgeron. "Competition is a powerful incentive for any company to deliver the best service at the best price. Auto insurance is no exception to that rule, and opening ICBC to competition would make premiums more affordable in BC."

IBC believes that British Columbians deserve to be able to shop around and decide which auto insurance company best meets their coverage needs at the best price. BC drivers agree. A recent poll found that drivers overwhelmingly want increased choice in auto insurance: close to 80% support increased competition in the market.

Additional Resources
To learn more about auto insurance in BC: BetterAutoInsuranceBC.ca.
For more information on the recent polling: Auto Insurance Attitudes in BC.

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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @IBC_West and 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 (1-844-227-5422).

SOURCE Insurance Bureau of Canada

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