VANCOUVER — Premier David Eby says the provincial auto insurer is applying for a two-year rate freeze on basic auto insurance to help alleviate some of the high cost-of-living pressures on British Columbians.
If the application by the Insurance Corporation of B.C. is approved by the provincial utilities commission, Eby said it will mark five years with no increases for the basic rates.
In support of the application, the government is directing the B.C. Utilities Commission to ensure ICBC builds sufficient capital reserves, it said in a statement. In a financial update released in September, ICBC said that like other insurers, it depends on an investment portfolio to offset claim costs and reduce premiums and it acknowledged that market volatility could cause further losses.
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