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The Insurance Bureau of Canada (IBC) has shared its concerns that the Insurance Corporation of British Columbia (ICBC) might not be able to produce an insurance product for ridesharing drivers by fall 2019 – when ridesharing companies will be allowed to operate in BC.
“Despite the long-established demand for ride-sharing services in BC, the announcement that ICBC is unable to identify a timely insurance solution to facilitate its entry in British Columbia is a troubling response to what consumers’ have been asking for,” said IBC Pacific vice-president Aaron Sutherland.
However, Sutherland suggested that private insurers could quickly fill that insurance need.
“Private Canadian insurers in Alberta, Ontario and Quebec have developed insurance products that cover the risk for ride-sharing companies, ensuring that both drivers and passengers are protected,” he said. “If permitted, these insurers could quickly bring these products to BC.”
Sutherland’s suggestion comes as IBC president and CEO Don Forgeron recently called for BC to consider opening the insurance market to competition.
“Competition provides a powerful incentive for any company to deliver innovative products that meet the evolving needs of customers,” Sutherland prefaced. “Auto insurance is no exception to this rule, and Canada’s private insurers are eager to better serve the BC marketplace.”
