ICBC finances improve despite economic downturn
Last Updated: Friday, May 22, 2009 | 2:15 PM PT
The Canadian Press
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The Insurance Corporation of B.C. says its finances remain healthy despite an ailing economy and a drop in the number of premiums being sold.
The Crown corporation said its first quarter net income was $117 million, up from $102 million over the same quarter last year.
ICBC spokesman Mark Jan Vren said the company is doing well because it has fewer collision claims to pay out.
The company credits good weather, fewer cars on the road and improved claims-handling procedures for the drop in payouts and says that translates into some savings for drivers.
"As far as basic rates go, we don't anticipate any change but will be dropping our optional rates on average about three per cent, and that will take effect on the first of October," said Vren.
The company says one problem on the horizon is a drop in the number of people buying insurance on cars as a result of the recession. That could have a bigger effect on ICBC's finances as the year progresses, it said.
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