ICBC's 2010 – 2012 Service Plan provides an overview of our three-year plan to fulfill responsibilities for providing auto insurance, driver licensing, and vehicle registration and licensing services.
This Service Plan discusses our corporate strategy and sets out our performance accountability to the public by describing:
ICBC is a provincial Crown corporation established in 1973 to provide vehicle insurance to British Columbia's motorists. We are the sole provider of universal compulsory coverage (Basic insurance), with rates regulated by the British Columbia Utilities Commission. ICBC also sells Optional auto insurance in a competitive marketplace. As part of our mandate we also provide driver licensing, vehicle registration and licensing, and other services on behalf of the province. ICBC is currently one of BC's largest corporations with approximately $12.5 billion in assets.
Insurance is a complex business impacted by many external trends, factors and risks. This section describes the property and casualty insurance industry in Canada and the issues facing auto insurers and the insurance industry as a whole. The key strategic risks and mitigation strategies identified in this section are considered incorporated into our corporate strategy, as outlined in the Service Plan, and into detailed operational plans.
The achievement of our vision and mission is articulated through the corporate strategy which has three goals:
For each goal, specific objectives are established to guide the corporation. Measures are defined and targets are set to enable performance to be measured for these goals and objectives.