Introduction to ICBC

The Insurance Corporation of British Columbia (“ICBC”) is a unique insurance organization for a number of reasons:

  1. ICBC is a Crown or publicly owned corporation;
  2. The administration of the Corporation’s insurance plan is governed by Regulations under the Insurance (Vehicle) Act of British Columbia, (i.e. Part 7, Part 6, Part 9 etc.);
  3. ICBC operates on a not-for-profit basis, though it does run surpluses in some years;
  4. ICBC holds a Provincial monopoly for primary auto insurance products, most notably basic Third Party Liability (Part 6), as well as Accident Benefits (Part 7) and basic Uninsured Motorist Protection (“UMP”) (Part 10);
  5. ICBC has a virtual monopoly as it has close to a 90% market share in B.C. on optional auto insurance products such as excess Third Party Liability, Own Damage Coverage (Part 9), and excess UMP;
  6. ICBC is responsible for the handling of unidentified and uninsured motorist claims in B.C. (Part 8);
  7. In addition to possessing its own comprehensive computer databases, ICBC has direct access to some of the Motor Vehicle Branch’s databases; and
  8. As a monopoly auto insurer with comprehensive databases, ICBC has access to a wide spectrum of information.

In many respects, however, ICBC is very much like other insurance companies. This website attempts to demystify ICBC.