The British Columbia government will double accident benefits and introduce a cap on awards for minor injuries resulting from auto accidents, a move that the Insurance Bureau of Canada lauded.
The announcement was made after British Columbia Attorney General David Eby disclosed the financial challenges faced by Insurance Corp. of British Columbia and the significant increase in legal costs in British Columbia's auto insurance system.
Insurance Bureau of Canada Vice President Aaron Sutherland urged the British Columbia government to open Insurance Corp. of British Columbia to competition and let Canada's private insurers enter the market.
"The experience and innovative tools Canada's private insurers have brought to other Canadian provinces can help improve the affordability of auto insurance in [British Columbia]," Sutherland said.
