Market Overview

Private Insurers Ready to Bring Ride-Sharing Insurance to BC


Private Insurers Ready to Bring Ride-Sharing Insurance to BC

Canada NewsWire

VANCOUVER, July 19, 2018 /CNW/ - Metro Vancouver is the largest region in North America without ride-sharing services. And with the Hara Associates report, Modernizing Taxi Regulation, released today, it's clear that the Insurance Corporation of British Columbia (ICBC) has been unable to create an auto insurance product for ride-sharing operators in 2018. Private insurers, however, have ride-sharing products at the ready and are eager to introduce them in British Columbia (BC).

Insurance Bureau of Canada (CNW Group/Insurance Bureau of Canada)

"The demand for ride-sharing services in BC is clear," said Aaron Sutherland, Vice-President, Pacific, Insurance Bureau of Canada (IBC). "Private Canadian insurers in Alberta, Ontario and Quebec have developed insurance products that cover the risk for ride-sharing companies and drivers, ensuring drivers and passengers are protected. If permitted, these insurers could quickly bring these products to British Columbia." 

ICBC's inability to create innovative auto insurance products in British Columbia is another example of the ICBC not being open to change. ICBC's monopoly limits choice and hinders innovation in the marketplace that could otherwise improve the affordability of auto insurance in BC.  

"Opening BC's auto insurance marketplace to competition could help facilitate the entry of ride-sharing services in the province," added Sutherland. "Competition provides a powerful incentive for any company to deliver innovative products that meet customers evolving needs. Auto insurance is no exception to this rule, and Canada's private insurers are eager to better serve the BC marketplace."

Additional Resources
The Benefits of Competition in the Provision of Automobile Insurance in BC
Poll: Auto insurance attitudes in BC

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $52 billion.

For media releases and more information, visit IBC's Media Centre at Follow IBC on Twitter @IBC_West and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC (1-844-227-5422).

SOURCE Insurance Bureau of Canada

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