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ICBC posts third-quarter income

VICTORIA, B.C. -- The Insurance Corp. of B.C. (ICBC) posted a $15-million income over the third quarter of this yea...


VICTORIA, B.C. — The Insurance Corp. of B.C. (ICBC) posted a $15-million income over the third quarter of this year, up dramatically from last year’s loss of $7 million over the same period.

That brings the total net income for 2002 to Sept. 30 to $24 million, compared to a net loss of $38 million over the same three quarters of 2001.

"While we are pleased to see a growth in our sales revenue, major reductions in our controllable costs and a modest net income, we are increasingly concerned with rising trends in collision and auto crime," says Nick Geer, ICBC’s president and chief executive officer.

On the investment side of the business, the weak stock market continues to have an effect, with investment income plunging to $57 million compared to $84 million in the same quarter of 2001. The turnaround from last year is largely due to massive cost-cutting measures, as well as increased premiums.

"ICBC is doing what it can to reduce its operating costs and continuing to invest in road safety to reduce the number of collisions," says Geer. "But our ability to keep insurance rates low is being strongly impacted by rising claims costs and the decline the insurance industry is experiencing in investment income."


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