ICBC will not provide a rebate to drivers yet, even though crashes have been down substantially since the beginning of the COVID-19 pandemic, B.C.’s attorney general says.
The public insurer’s finances are incredibly volatile because of lower crash rates paired with a loss in investments and a large number of insurance cancellations, David Eby said. “There has been calls for rate reductions because of the reduced number of vehicles on the road,” Eby acknowledged. “The message is at this stage (is) we don’t know what the year-end will look like.
We will be waiting to year-end before making any decisions about what to do with any surplus because we are not 100-per-cent sure there will be a surplus.” ICBC has almost no capital reserves to