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ICBC Projects Nearly $1Billion in Profit From 2013-2016 ; Government Profit Scoops to Continue

It’s that time of year again.  With the BC Government’s Budget also comes ICBC’s 2014-2016 Service Plan.  As always, these documents give insight into the actual and projected financial health of ICBC.

ICBC is projecting nearly $1 Billion in profits from 2013-2016 and the Government plans to scoop an average of $160 Million annually over this period.

The below excerpt is from the Budget:

Insurance Corporation of British Columbia: ICBC’s net income is forecast to average
$214 million annually over the fiscal plan period. The outlook assumes average annual
growth of 1.7 per cent in the number of insured vehicles and a 4.0 per cent average
annual increase in claims costs. Over the fiscal plan period, ICBC is forecast to remit an
annual average $160 million of its excess Optional insurance capital to the consolidated
revenue fund to support core government services.

Here are the details of ICBC’s projected financial performance over this period:

 

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