Premier defends ICBC, has no plans to privatize or bring in no-fault insurance

Premier defends ICBC, has no plans to privatize or bring in no-fault insurance

Premier Christy Clark was in Kamloops on Thursday, visiting iTel Networks and holding a rally at Hotel 540 for the Kamloops B.C. Liberal candidates Todd Stone and Peter Milobar. Dave Eagles/KTW

Premier defends ICBC, has no plans to privatize or bring in no-fault insurance

The B.C. Liberal government can keep down costs of ICBC premiums without resulting to privatization or a no-fault system, Premier Christy Clark said Thursday.

Clark was in Kamloops for a Liberal rally and meeting with business leaders.

A day earlier, Minister of Transportation Todd Stone announced a new measure to force drivers with cars worth more than $150,000 to purchase basic insurance privately. It’s one measure to reduce rates forecasted under one scenario to rise by 45 per cent over five years.
“ICBC put out a whole range of scenarios,” she said. “Some of them were alarming for me, as well as I think everyone else, and some of them were pretty good, thinking about a two per cent increase.”

Premiums are forecast to increase due to higher crash rates, higher repair rates and larger personal injury awards. But Clark said she’s confident her government can keep rates down through measured changes. The NDP Opposition has warned the Liberals will let rates inflate by double-digit amounts if it forms government next May.

Clark said there are no plans to privatize basic insurance or to adopt no-fault insurance that would pay for injuries based on set amounts, similar to workers’ compensation.

“I’ve told ICBC, ‘Look, we’ve set a maximum of 4.9 per cent and we are not going to accept anything that goes above that.’”