The Insurance Corporation of B.C. (ICBC) has applied to the B.C. Utilities Commission to freeze its basic rate for another two years.

The cost of ICBCB次元官网网址檚 basic vehicle insurance package hasnB次元官网网址檛 increased since 2019, when it jumped 6.3 per cent.

Speaking at the crown corporationB次元官网网址檚 headquarters in North Vancouver Monday (Dec. 12), Premier David Eby said the decision aims to help address the ever-increasing cost of living British Columbians are facing.

B次元官网网址淭he affordability of car insurance is a key part of owning a car.B次元官网网址�

ICBC CEO Nicolas Jimenez recognized the corporation is forecast to lose close to $300 million this year, but said the decision not to hike rates is relying on future projections. Specifically, Jimenez said they expect interest rates and global supply chain issues to level out in the coming years, improving ICBCB次元官网网址檚 own financial situation.

B次元官网网址淭he business is sound and we can afford to be doing what we are today,B次元官网网址� Jimenez said in response to skepticism.

jane.skrypnek@blackpress.ca
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