The Insurance Bureau of Canada, Pacific isn’t pleased with ICBC’s the new mandatory vehicle damage coverage accusing the BC Government of strengthening it’s monopoly on auto insurance.

BC Attorney General David Eby said, while on the NL Morning News, they aren’t expanding the monopoly, “People will still buy their basic insurance from ICBC as they always have, and they will be able to buy optional coverage from private insurers as they always have.”

“They say that there are additional products that they want to be able to be pulled out of basic insurance and moved over into the optional market. They’ve always said that and the bottom line is they want to pull all of the products out of the basic and have a fully privatized product in British Columbia.”

“I understand that, they’re private insurers but what I don’t understand is why they’re advocating for that when they can’t deliver affordable private insurance in Ontario, in Alberta or frankly in British Columbia if their own numbers are to be believed.”

“The model that we’re putting forward in the next year is one that’s going to deliver the affordable insurance that British Columbians deserve.”

He says his government is still cleaning up the mess left by the Liberal regime. “Unfortunate news is that the work wasn’t done on this by the previous government. They took money out of capital to subsidize rates artificially, they didn’t fix the underlying problems and so we’re starting from scratch but we’re in the black this year for ICBC, pre COVID were in the black. A zero percent increase for this year, the losses have stopped.”

Eby did say we have something to look forward to, “Next year, reduced rates for British Columbians, more affordable insurance and better benefits.”

“We’re heading the right direction and I just won’t let the private insurers knock us off course.”