The Insurance Corporation of BC (which our readers own) suggests:t
During the period March 15 to May 2nd – 2020
* ICBC opened 46% fewer accident claims (including claims for both damage to vehicles and for injuries) compared to the same time last year, with an average weekly reduction of 7,200 claims. This drop in the number of claims amounts to approximately $158 million in savings for ICBC. However, claim numbers are on the rise again as more vehicles return to B.C. roads;
* more than 150,000 customers changed their insurance policies by cancelling their policy (103,700) or lowering their rate class (57,561), resulting in a projected $283-million decline in written insurance premiums compared to what would normally be received for that period; and
* ICBC has seen a decrease in the value of its investment portfolio due to the unprecedented downturn in the financial markets, putting pressure on its bottom line. Some of this has already been seen at the end of ICBC’s 2019-20 fiscal year, and early indications suggest the impact could exceed $1 billion in fiscal 2020-21, depending on the length and scope of the global market downturn. The final impact will be determined at the end of fiscal 2020-21.
“ICBC waiving cancellation and re-plating fees alone during the pandemic has saved customers around $5 million, and we will continue to work with those drivers facing financial hardship,” said Nicolas Jimenez, ICBC president and CEO.