ICBC reminds drivers to stay safe this weekend — March 23

After a long winter, many British Columbians take advantage of the first long weekend of the year by taking a road trip. To help ensure that everyone has a safe journey during the Easter weekend, ICBC is reminding all motorists to keep the following safety tips in mind:

• Allow yourself plenty of time to get to your destination. Long weekend traffic and weather conditions may mean that you need to slow down and keep your distance on the road.
• Even in spring, you may encounter winter road conditions in some parts of the province. Check weather and road reports before you leave home, and be prepared for all types of driving conditions.
• If this weekend is your first road trip of the year, check the condition of your vehicle and make sure that it is ready for a longer drive. Ensure that all your tires, including the spare, are in good shape and properly inflated.
• In any situation where your visibility is reduced, drivers are urged to reduce their speed, increase the following distance and watch for pedestrians, cyclists and motorcyclists.

An average of 2,200 crash incidents have been reported to ICBC on the past three years' Easter long weekends.

If you are involved in a crash and need to file a claim, ICBC's Dial-A-Claim service is open to assist customers 24 hours a day, including holidays, at 604-520-8222 or 1-800-910-4222. You can also file your claim online on this website.

For more information contact:
Doug Henderson 604-982-1332
Moira Wellwood 604-982-2480

ICBC awards $10,000 in scholarships

Since 1983, ICBC has helped improve the quality of care available in the province by awarding scholarships to students attending UBC's School of Rehabilitation Sciences. This year, ICBC has awarded $10,000 to four students studying occupational and physical therapy.

Recognized for their academic achievement are Aaron Rizzardo, from Merritt; Kevin Perras, from Terrace; Darlene Asayo, from Abbotsford; and Davida Hoberg, from Vernon. Each of this year's recipients was awarded $2,500 in scholarship funds.

“ICBC is committed to meeting the needs of all British Columbians who are injured in vehicle crashes. We want to build safer and more secure communities throughout the province and by providing rehabilitation science students with scholarships, ICBC is helping ensure future professionals are equipped to care for and serve our province,” said Jon McGrath, ICBC's bodily injury services manager.

The scholarships are offered to students entering their fourth year in programs leading to a bachelor of science in occupational therapy or physical therapy. Candidates must have graduated from a B.C. secondary school that is outside the Greater Vancouver Regional District.

ICBC was the first North American auto insurance company to set up its own rehabilitation department. The department works with hospital personnel and appropriate community resources to develop the best possible rehabilitation program for individuals who have been severely injured in a crash.

For more information contact:
Doug Henderson 604-982-1332
Moira Wellwood 604-982-2480

ICBC reports net income of $389 million for 2004 — March 4

ICBC has reported net income of $389 million for the year ended December 31, 2004, compared to net income of $225 million for 2003.

ICBC is committed to maintaining low and stable rates. Net income is used to build retained earnings, which allow the company to absorb unanticipated spikes in claims costs or unexpectedly low investment returns.

The strong bottom line is the result of higher investment income and sales volumes, lower-than-forecast claims costs due to unusually good driving conditions, an improvement in prior years' claims costs, and continued diligence on controllable costs. It is unlikely that all of these factors will recur in 2005.

Insurance premiums earned increased to $3.0 billion in 2004, which compares to $2.8 billion in 2003. Premium revenue growth is primarily due to an increase in the number of basic policies sold and an increase in optional insurance coverage sales, both of which were higher than expected, as well as the full impact of the 2003 rate increases flowing through.

Claims and related costs for 2004 were $2.5 billion, which is consistent with 2003. While there was a relatively small decrease in the number of claims reported in 2004, this was more than offset by an increase in the average cost per claim, particularly injury claims. Auto crime claims are showing signs of levelling off, although it is too early to confirm a change in long-term trends.

ICBC's controllable costs continue to be low -- 25 per cent lower than in 2000. This is despite a $5.0 million increase in contributions to road safety and loss management programs in 2004.

Investment income for 2004 increased to $395 million from $330 million in 2003, mainly due to equity and real estate gains.

For more information contact:
Doug McClelland 604-982-1332

 

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