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:


ICBC Projected Profits


If you would like further information or require assistance, please get in touch.


Personal Injury Lawyer

When not writing the BC Injury Law Blog, Erik is the managing partner at MacIsaac & Company, based in Victoria, B.C. He is also involved with combative sports regulatory issues and authors the Combat Sports Law Blog.

“Work hard, be kind and enjoy the ride!”
Erik’s Philosophy