With fewer cars on the road, ICBC says crash claims have nearly been cut in half during the COVID-19 pandemic.

That 43-per-cent drop in crash claims means an estimated savings of $158 million.

But, more than 150,000 drivers have either cancelled their insurance or reduced their coverage, and from that ICBC stands to lose $283 million this year. ICBC CEO Nicolas Jimenez says 103,700 drivers have cancelled insurance and another 57,561 drivers have reduced their coverage, which he said likely is because of more people working from home.

Attorney General Dave Eby also says ICBC’s investments fluctuated by more than $1 billion in just March, as the pandemic was in its early days and markets were reacting.

Eby says it’s not clear if ICBC will have a surplus by the end of this fiscal year, at March 31, 2021, or if the Crown corporation will be in a worse financial situation because of COVID-19. Both he and Jimenez have reported that crash claims are starting to rise with more drivers on the road, compared to March and April.

Eby says if there is any surplus connected to COVID-19, it could mean a one-time rebate for drivers, but he says no decision would be made until after this fiscal year is over.

Jimenez adds that ICBC’s quarterly financial reports will have a special focus on how the pandemic has impacted its budget, whether that’s positive or negative.

Eby adds that “ICBC has no savings” for a rainy day, in the form of a general reserve account.

Unlike BC Hydro, ICBC customers have not been offered an account credit or a rebate. ICBC did waive its cancellation and re-plating fees last month, which it says has saved customers more than $5 million.

More to come.