The BC NDP announced Sunday that ICBC profits reaped during the COVID-19 pandemic will be “paid back directly to drivers as a rebate” said Minister of Justice and Attorney General MLA David Eby in a news release.
The ICBC COVID rebate would be paid at the same time as an average 20% rate reduction ($400) that drivers will see as a result of a shift to the new care-based system on May 1, said a news release.
“This system is modelled on Saskatchewan and Manitoba’s systems that deliver some of the best benefits and lowest rates to drivers anywhere in North America.”
Eby said in April that ICBC was facing a billion-dollar loss on its investments, but later said a decline in claims due to the pandemic could yield a surplus.
On August 13, Finance Minister Carole James said the loss was $298 million.
- with files from Jeremy Hainsworth, Glacier Media