ICBC to increase rates 1.3% under new filing process

Filing its rates for the first time to the B.C. Utilities Commission, the Insurance Corp. of B.C. (ICBC) is requesting a 1.3% increase to its basic auto insurance policies.The increase is made up of a 0.4% hike to cover premium tax increases and 0.9% to cover increases in the tariff of legal costs to the province’s Supreme Court. All basic policies will see the same increase.”Our commitment is to keep rates as low and as stable as possible,” says Nick Geer, ICBC president. “This proposed rate increase is significantly lower than other rate increases across the country.”He says the new “open and transparent” process of filing with the utilities commission will show that ICBC is being run “like a business for the benefit of its customers”.