The Insurance Corporation of British Columbia (ICBC) has announced that there will be no increase in auto insurance rates for the upcoming year. According to ICBC, their financial stability is projected to remain steady until the 2026-27 fiscal period.
Niki Sharma, the Attorney General and minister overseeing ICBC, emphasized that maintaining affordable and consistent basic insurance rates is a top priority for the government. This decision extends the trend of ICBC not raising rates for the seventh year in a row.
Jason McDaniel, the interim CEO and president of ICBC, highlighted that with stable insurance rates, the focus can now shift towards improving customer service and expanding online offerings.
Looking ahead, ICBC has not disclosed plans for potential rate adjustments in the following fiscal year. Any proposed rate changes would need to be approved by the B.C. Utilities Commission a year prior.
Sharma reiterated the commitment to providing drivers with access to cost-effective coverage and robust care and recovery benefits, ensuring a balance between affordability and financial sustainability.