IBC recently commissioned a report on the benefits that competition could bring to B.C.’s auto insurance market place. Key findings of this report suggest that drivers could see significant savings if provided the opportunity to shop around for their auto insurance needs.
BC’s auto insurance marketplace is facing significant challenges, with two fundamental issues are at the core of the current debate:
- ICBC’s financial situation is no longer sustainable without significant reform, and
- Auto insurance in BC is the most expensive in Canada.
We believe British Columbians deserve a better, more responsive, and fairer priced auto insurance system, and the competitive models used elsewhere in Canada provide valuable lessons and potential solutions for drivers in B.C.
IBC is the national industry association representing Canada’s private home, business, and auto insurers. An important part of our work is to increase public understanding of insurance, and with significant change underway in BC’s auto insurance system, we felt a discussion in this area could be of interest to you members.
Speaker: Aaron Sutherland, IBC Vice-President
Sponsor: Insurance Bureau of Canada (IBC)