ICBC seeks to cut rates for drivers on Nov. 1
Добавлено: 01 июн 2010, 13:33
http://www.timescolonist.com/business/I ... story.html
The Insurance Corporation of B.C. said it has applied to the British Columbia Utilities Commission to reduce basic insurance rates by an average of 1.9 per cent, effective Nov. 1.
"Rate changes are mainly driven by claims costs, and fewer crashes help us keep our rates low and stable," said ICBC president and CEO Jon Schubert. "Our customers are the ones to primarily thank for this reduction -- it's their smart driving that has helped us control our claims costs and apply for this rate reduction."
The number of claims filed across the province has been declining in the last three years, said spokesperson Adam Grossman. In 2007, 992,000 claims were reported, compared to 964,000 in 2008, and 946,000 in 2009. Currently 3.1 million drivers in B.C are registered with ICBC.
Last year, the insurance provider received $3.7 billion from premiums and a net income of $563 million, said Grossman. During the first quarter of 2010, it has made $155 million. If the 1.9 per cent reduction is approved and in effect by November, ICBC would lose $39 million in premiums.
"That $39 million will be passed back to customers because they will be paying less," said Grossman.
ICBC enacted a 3.3 per cent increase in insurance rates in 2007. ICBC has kept basic rates unchanged for the last two years.
Read more: http://www.timescolonist.com/business/I ... z0pdT23kQp
The Insurance Corporation of B.C. said it has applied to the British Columbia Utilities Commission to reduce basic insurance rates by an average of 1.9 per cent, effective Nov. 1.
"Rate changes are mainly driven by claims costs, and fewer crashes help us keep our rates low and stable," said ICBC president and CEO Jon Schubert. "Our customers are the ones to primarily thank for this reduction -- it's their smart driving that has helped us control our claims costs and apply for this rate reduction."
The number of claims filed across the province has been declining in the last three years, said spokesperson Adam Grossman. In 2007, 992,000 claims were reported, compared to 964,000 in 2008, and 946,000 in 2009. Currently 3.1 million drivers in B.C are registered with ICBC.
Last year, the insurance provider received $3.7 billion from premiums and a net income of $563 million, said Grossman. During the first quarter of 2010, it has made $155 million. If the 1.9 per cent reduction is approved and in effect by November, ICBC would lose $39 million in premiums.
"That $39 million will be passed back to customers because they will be paying less," said Grossman.
ICBC enacted a 3.3 per cent increase in insurance rates in 2007. ICBC has kept basic rates unchanged for the last two years.
Read more: http://www.timescolonist.com/business/I ... z0pdT23kQp
