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Better financial picture allows for COVID-19 rebates

ICBC’s COVID-19 rebate is based on its net underwriting savings of approximately $600 million during the first six months of its fiscal year (April 1 to Sept. 30, 2020).

ICBC received about 35% fewer crash claims than expected, including fewer injury claims. This was offset by ICBC taking in lower premium revenue as customers made changes to their insurance policies, held off on getting new ones or cancelled them.

The estimated impact of fewer claims is $720 million, while written premium revenue is down $120 million compared to what would normally be received for the period. ICBC estimates the net underwriting savings to be about $600 million.

The rebate is approximately 19% of the premium customers paid for coverage during the six-month period. There are 2.86 million eligible customers with an active policy between April 1 and Sept. 30, 2020. The average refund for non-fleet customers, which represents the majority of this group (2.84 million out of 2.86 million customers), is approximately $190.

In addition to returning $600 million to its customers through a one-time COVID-19 rebate, ICBC has taken a number of steps to help customers during this challenging time.

These include:

  • temporarily waiving fees associated with cancelling and restarting policies;
  • offering payment deferral options; and
  • providing a temporary exemption to customers insured for personal use that allowed them to deliver food and medical products.