British Columbia’s public auto insurance company, ICBC, is set to receive additional support for drivers in the province. Premier John Horgan is expected to make the announcement today, following a year of financial struggles for the Crown corporation.
According to sources, the premier will unveil measures to help alleviate the financial burden on drivers, who have been hit hard by rising insurance rates. This comes after ICBC reported a net loss of $1.3 billion for the fiscal year 2020-2021, due in part to the COVID-19 pandemic.
The announcement is highly anticipated by British Columbians, who have been calling for relief from the high cost of auto insurance. In a recent survey conducted by the Insurance Bureau of Canada, BC drivers were found to pay the highest auto insurance rates in the country.
The premier’s office has not released any details about the supports that will be announced, but it is expected to include measures to reduce insurance rates and provide financial assistance to drivers. This could potentially include a rebate for drivers, similar to the one given last year when ICBC saw a significant decrease in claims due to the pandemic.
The announcement also comes as ICBC is set to introduce a new insurance model, which will see drivers with at-fault crashes pay more for their insurance. This has caused concern among drivers, who fear their rates will continue to rise.
The premier’s announcement is seen as a step towards addressing the concerns of drivers and providing much-needed relief. It is also a reflection of the government’s commitment to making auto insurance more affordable for British Columbians.
The details of the supports will be revealed by Premier Horgan at a press conference later today. Stay tuned for updates on this developing story.
