Despite $300 million in ICBC savings and a reduction in claims by 37% between April and June, 2020 ICBC is refusing to pay back drivers. It appears ICBC and the NDP are playing politics by waiting to election time to pass the saving onto BC drivers. In fact, ICBC continue to charge high insurance rates to pay for their past mismanagement of financial bungling. It appears the our Attorney General, David Eby would like to use ICBC rebates as a political tool to whitewash the elimination of victim rights, scheduled for May, 2021.
ICBC’s first quarter 2020 financial report show amazing revenue stream to ICBC with no financial relief to drivers. ICBC is out of step with the rest of Canada providing no rebates to drivers during the pandemic. ICBC continues to pocket the auto insurance savings arising from the pandemic. Mr. Eby says ICBC is not legally required to share the COVID-19 savings with the injured. Meantime, private insurance companies have returned over $600 million to drivers outside of British Columbia.
The public health emergency has greatly benefited ICBC. ICBC refuses however to share the financial savings of the COVID-19 pandemic. This is because ICBC no longer has a mandate to care about the suffering of the injured. Even when their investment portfolio rebounds, ICBC will not legally have to compensate auto victims for loss of their quality of life.
As of May 2021, auto injury victims loss of quality of life will be given no value. That is, ICBC will no longer have to consider a victims pain, suffering, loss of enjoyment or loss of amenities.
The fact that ICBC has given no help to injury victims during the COVID-19 pandemic should be a concern to people in British Columbia. ICBC has lost any moral authority as a publicly run insurer. British Columbia needs organizations that value humanity and promote human agency. The ICBC developed by David Eby no longer looks out for the victims of personal injury.