VANCOUVER, B.C.: The Canadian Taxpayers Federation is calling on the government of British Columbia to end the ICBC car insurance monopoly in light of today’s announcement of a two-year rate freeze for B.C. drivers.  

“A rate freeze is a short-term solution that doesn’t address the underlying problem,” said Carson Binda, B.C. Director for the CTF. “The only way to permanently put out the dumpster fire at ICBC is to open the government insurance monopoly up to competition.”  

Over the past year, ICBC has spent $173 million more on overhead, red tape and bureaucracy than they have on injury claim payouts. At the same time, Nicholas Jimenez, ICBC’s CEO, took home half a million dollars in compensation last year.  

“British Columbians are struggling to make ends meet while bureaucrats at ICBC are laughing their way to the bank,” said Binda. “British Columbians deserve the right to shop around for whatever insurance gives them the best bang for their buck.”  

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