ICBC seeks no rate increase for 2005; may drop optional rates

B.C.’s public auto insurer has filed for no rate increase on its basic coverage package for 2005, citing improved investment results and lower claims.The Insurance Corp. of B.C. (ICBC) says it may also drop rates on its optional coverage, a market in which it competes with private insurers. While basic rates are filed with the B.C. Utilities Commission, no such filing is needed on optional rates.ICBC says its optional business is showing strong results, and if that trend continues through 2004, some “better-risk” customers could see rates drop in 2005. In 2003, ICBC posted an underwriting loss of $89 million, but investments brought net income up to $45 million.ICBC’s full financial submission to the BCUC can be viewed at www.icbc.com.