ICBC: Incredibly Cascading Burgeoning Catastrophe

Crown Corporations, Ian Madsen, Valuation

WINNIPEG, MB, September 24, 2018 – The Frontier Centre for Public Policy has just released Public Choice Alternative: ICBC by Ian Madsen, a senior policy analyst with the Frontier Centre for Public Policy. This paper conducts an in depth valuation of the alternative choices for BC taxpayers if the provincial government sold ICBC.

ICBC is one of the B.C. government’s largest crown corporations and one of Canada’s largest property and casualty insurers. Since originating in 1973, ICBC has been facing major obstacles in order to keep up with the ever growing demands of the province. There have been increase in accidents, a surge in claims and high cost of claims. ICBC has been slow to adjust and respond to these changes. ICBC’s answer to most problems has been to continue to increase its rates. It appears to be impossible for the Corporation to keep up. What if ICBC was privatized? A number of benefits would come out of this, such as freeing up much needed capital for new teachers and doctors or other possibilities that could benefit all BC citizens.

To read this important valuation of the Insurance Corporation of British Columbia, click here: VS06_ICBC-Valuation_SP2018_F1