ICBC has announced a $600 million return for drivers in British Columbia as a result of some of the savings garnered throughout the pandemic.
The announcement was made on Tuesday by Premier John Horgan, Minister of Public Safety and Solicitor General Mike Farnworth, and ICBC President and CEO Nicolas Jimenez.
“ICBC has been working with the government over the past two years to find ways to reduce cost, to bring down policy cost to drivers,” Horgan said during a press conference. “That’s resulted in fewer collisions, fewer claims through the COVID period, and that’s led to higher income at ICBC.”
- See also:
The Crown corporation will be returning net savings of about $600 million directly to drivers. This will be issued in the form of a one-time rebate cheque, averaging about $190 per policyholder.
Drivers that had a policy between April 1 and September 30, 2020, will benefit from the payment. Those that cancelled their policy during the height of the pandemic will receive a partial refund.
Farnworth explains that 80% of recipients will receive between $50 to $300.
“It could go as low though, as $25, to about $400 being the maximum,” he noted.
Horgan adds that the cheques won’t be issued until the beginning or middle of March, stressing that ICBC needed to be on “sound financial footing,” as preparations for the enhanced care model are underway.