Insurance Business forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Insurance Business | 08 Feb 2018, 10:53 AM Agree 0
Changes applauded but some say more work still ahead
  • | 08 Feb 2018, 02:10 PM Agree 0
    As a casual observer the proposed solutions will do nothing to mitigate the disaster that is brewing. To simply react should not be considered a credible solution to a problem that has been fermenting for years. Much like Ontario you can "attempt" to address the problems but you will never be able to remedy the situation. The next few years ICBC "may" only lose 1/2 billion to 1 billion dollars. If that's acceptable to the people of BC then so be it but there is NO reason for a government entity to run a loss and those paying their taxes should be up in arms.

    For the good of the people you need wholesale change to both the idea that ICBC represents the best interest of the public as well as the idea that public salaries are necessary to facilitate basic auto insurance. IMO your solution for ICBC lies within a more efficient hybrid system of public/private with a strong leaning to private and extreme "blackbox" rating. ICBC should provide the extreme bare minimum requirement to obtain a plate (ie. only provide minimum liability) and nothing else. Perhaps the BC government also needs to revisit the bare miniumums that are required.

    Private market should provide all additional coverage's and be allowed rate based upon proper rating factors (ie. location, driver history, vehicle, etc.).

    As an entity that loses money ICBC lacks credibility to address the real problems which IMO are a fundamental problem in the way in which ICBC operates.
Post a reply