Tuesday, September 1, 2015


Are Crown Corp's Being Responsible?

ICBC looking at 6.7 per cent hike in basic insurance

P Seyler


he BC Government forces all BC Residents who drive to purchase ICBC mandatory vehicle insurance. ICBC who is basically under the same umbrella as BC Transit, BC Ferries, BC Hydro who the BC Government has shed and dodged all responsibilities for so they are not held responsible for the deeds of these companies, but as taxpayers who have no other alternatives but to deal with these companies definitely do hold the BC Government responsible when we have no other alternatives to choose.


This is not democracy in abuse.

ICBC in their notice of needing to increase their "Basic Insurance" that which we all must buy but not their optional insurance as then they have to be competitive as this part is more democratic and they can not blindly take more from the public.


To quote ICBC .........

"Higher legal and medical costs, more represented claims and more complex, catastrophic claims leading to bigger settlements are among the factors blamed for the jump. Injury claims are up 10 per cent from a year ago even though the number of crashes is unchanged.


ICBC says more fraud is one potential explanation, as well as more minor soft tissue injury claims. If regulators approve the request, this will be the fourth straight year of basic insurance premium increases following hikes of 11.2 per cent in 2012 and 5.2 per cent in each of 2013 and 2014.ICBC has simultaneously reduced its optional insurance rates on which it competes against private insurers in five of the last seven years.


"More "FRAUD" is one potential explanation. Amazing that they have figured out one potential cause for needing more money but they have not indicated that they are doing anything about stopping it other than to pass their fraud costs onto those who have never abused the corporation. They forgot to mention the high wages, the benefits, the bonuses, the expense accounts the high severance payouts, the superior people they need to hold the positions to counteract the abuse and all the hidden costs that we will never know but it is abuse on the highest level to those who they just keep demanding more and more every year.

This is why we need the BC Government to take over the responsibility for all these Crown Corporations. The Government is elected by the people to look after our business and make sure we are not being defrauded and when someone is caught defrauding it is real simple. You loose your drivers license for life, make full restitution and are subjected to jail time. It is real simple. If these Crown Corporations are abusing their positions then they need to be cleaned out and the Government assume the position they should already be in.



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