ICBC considers 'risk-based' rates
By Contributor
The Insurance Corp. of B.C. is seeking a consultant to collect public opinion on potential changes to how it sets premiums.
The concept has been raised for a system in which lower-risk drivers would pay less, according to an ICBC tender document issued on Friday.
“Customers advise ICBC that low-risk drivers should pay less, and that high-risk drivers should pay more,” the document read.
“ICBC has been using the claim-rated scale (CRS) since 1982 to assess driver risk and help set premiums. However, even with modifications to CRS in 2001, CRS does not effectively differentiate pricing for highrisk and low-risk customers. To move toward rates more reflective of risk, the corporation is considering replacing its existing system.”
Bids close Sept. 12 for the job to design, implement and report on results of a public engagement strategy. It would include a range of ways for the public to share ideas. The contract is expected to start in October.
A time line to make a decision has not been determined.
