Nov 19, 2018
Since the early 1970s, every B.C. driver has been forced, by law, to purchase their auto insurance through the government-owned Insurance Corporation of British Columbia – ICBC.
But ICBC is not aging particularly well. It is on pace to lose a billion dollars this year. Attorney General David Eby has called it “a dumpster fire.”
But crisis also brings opportunity. At their recent policy convention, BC Liberal members voted to support opening up ICBC to competition; their leader, Andrew Wilkinson, even hinted at selling it off completely.
Aaron Sutherland is the Vice President of the Insurance Bureau of Canada, which represents private insurers across the country, and which supports opening up ICBC to competition. Aaron joined Rick in studio.