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VIDEO: Is ICBC on the way out?

Insurance Bureau of Canada Vice President Aaron Sutherland says British Columbians shouldn't accept paying the highest auto insurance premiums in the country and he says the answer to the crown corporation's problems is simple: competition.

Sutherland points out that not only are we paying the highest insurance rates in the country, but ICBC is still expected to run a shortfall of close to $900 million. "We need to see major changes," said Sutherland. "We need to start seeing things that are going to improve the affordability of auto insurance." And Sutherland says the answer is to allow competition into the business of providing basic automobile insurance."If we want to start addressing the price," he argues, "we have to start looking outside of ICBC."

When asked if we would be losing something if we gave up an insurer which has a mandate to look out for British Columbians and not just the bottom line, he was quick to answer. "We might be losing an ever-increasing insurance bill." And Sutherland adds that a competitive insurance market doesn't operate outside of government control. "Government is still able to dictate the rules."

He said the NDP government deserves kudos for the reforms that will take effect in April, but he said they won't reverse the continued upswing in insurance premiums. He said other provinces are proving his point every day by delivering insurance more affordably and with greater satisfaction with customers.



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