ICBC’s trip from billion-dollar losses to pandemic-fuelled profits
SHARE ON: ICBC s financial dumpster fire of 2017-18. Photo supplied by Canadian Taxpayers Federation Facebook page.
The province has announced that a one-time rebate of $190 is motoring into the bank accounts of BC drivers, likely in March.
While the COVID-19 pandemic has been devastating for nearly everyone, ICBC is an exception, as a provincial government release indicates that the insurance giant saved an eye-popping $600 million during the pandemic, due to major decreases in crashes and costs.
The Insurance Corporation of BC has come a long way since 2017 when former Solicitor General David Eby referred to its financial situation as a ‘dumpster fire.’