ICBC has advised the British Columbia Utilities Commission (BCUC) that it will file its basic rate application by the end of the year.
ICBC must give notice to the BCUC about its rate application. Filing later this year will enable the corporation to examine options to reduce a rate increase for its customers.
This action is consistent with BCUC requirements.
The BCUC has the regulatory responsibility to set Basic insurance rates in the province.
An economy that is recovering faster than expected has resulted in more traffic, and when combined with a return to normal wet weather has led to an increase in bodily injury claims, which is putting pressure on ICBC's basic insurance rates.
There have been no rate increases for several years and ICBC remains committed to providing customers with low and stable rates.
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