Canadian Underwriter.ca – August 26, 2014.
The Insurance Corporation of British Columbia will file a basic insurance rate application with the British Columbia Utilities Commission (BCUC) on Friday asking for a 5.2% increase to basic insurance rates.
If the new application is approved, this will mean, on average, approximately $3 extra per month for customers, ICBC said Tuesday. Theapplication will ask BCUC to approve the increase effective Nov. 1 on an interim basis while it reviews the full application.
The proposed 5.2% increase will be in addition to a deferred 0.3% increase directed by the BCUC in last year’s rate decision.
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