File Photo (Image Credit: CFJC Today)

By The Canadian Press

COVID-19

Pandemic reduces ICBC’s claim costs, but crashes investments, says Eby

May 14, 2020 | 11:45 AM

VICTORIA — The COVID-19 pandemic has sideswiped British Columbia’s public vehicle insurer, but the attorney general says it’s too soon to assess the potential damage.

David Eby, who is also the minister responsible for the Insurance Corporation of B.C., says claim costs are down about $160 million because there have been fewer accidents as drivers stay home.

But he says plunging prices on global stock markets have hit the corporation’s investment portfolio.

Eby says a clear picture of the pandemic’s effect on ICBC won’t be known until the end of the fiscal year in March.

At that time, he says ICBC will be in a better position to decide whether drivers will get a one-time rebate or if the money should be contributed to the corporation’s depleted surplus.

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ICBC president Nicolas Jimenez says the corporation remains on track in implementing changes announced earlier this year that could save drivers about $400 a year.