The Insurance Corporation of British Columbia (ICBC) will be offering customers a one-time rebate of $110 each to help ease their financial burdens as gas prices continue to climb in the wake of Russia’s invasion of Ukraine.
An official government release noted that the rebate will total more than $395 million for both personal and commercial policyholders. Most ICBC customers with a basic auto insurance policy by February will be eligible for the $110 relief, while commercial policyholders will each receive $165 due to the higher expenses they incur.
“People are facing increased costs through no fault of their own, but as a chain reaction that started with Putin’s illegal war in Ukraine,” said Premier John Horgan. “As a result of our work to fix ICBC, we’re in a position to put money back in people’s pockets to help a little with these increased costs.”
“This rebate is going to help a lot of people in this province,” added Minister of Public Safety and Solicitor General Mike Farnworth. “This is another opportunity to put money back in the pockets of the hardworking people who make this province a great place to live.”
ICBC explained that it is able to provide the rebate thanks to its forecast annual net income of $1.9 billion for the fiscal year ending March 31, 2022. The remaining income will be reinvested into the insurer’s capital reserves to keep rates affordable, it said.
Eligible customers will receive their rebate in May if they are registered for direct deposit, or as a refund to their credit card. All other customers will receive cheques in June.