ICBC has applied for a rate freeze for basic insurance rates for the next two years, B.C. Premier David Eby announced Monday.
, but officials say they will continue with the rate freeze because projections show that a volatile market incurring higher-than-normal costs will smooth out.
“We are putting forward an outlook of what we anticipate into the future,” said ICBC CEO Nicolas Jiminez. “Interest rates will come down, supply chain issues will resolve themselves, we’ll see vehicle and repair scenarios return to more normal patterns. The rate freeze request must first be approved by the B.C. Utilities Commission before it goes into effect for another two years.
The B.C. government says it has provided direction to BCUC to ensure ICBC builds “sufficient capital reserves” to prepare for the rate freeze request.Sign up for our newsletter to get breaking news and daily digests sent to your email.
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