B6 - Sunday, April 25, 1982 - North Shore News

Pe auto

THE YEAR OF 1981

ICBC reports $1.6 million surplus

‘DESPITE a year of con

. surance (Motor Vehicle) Act
tinued inflation, the In-

even” goal, reporting a
Fund has achieved its “break

surplus of $1.6 million for

LONE SAILBOAT plies up the quiet waters of Indian Arm recently. (Elisworth
Dickson photo)

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1525 Welch Street, North Vancouver

1981.

The Insurance Cor-
poration’s annual report for
the year ending December
31, 1981 was tabled in the
Provincial Legislature by
James Hewitt, Minister of
Agriculture and Food. The
report shows total revenues
of $664.9 million against
claim costs and expenses of
$663.3 million.

Hewitt, in tabling the
annual report, stated in 1981
ICBC met its mandate —
that of providing insurance
coverage at reasonable rates
and meeting all costs out of

premium revenue without
subsidy from the govern-
ment.

The report points out that
increases in accident figures
are a major reason for the
annual’ escalation’ of
automobile insurance costs
in British Columbia.

“In this ultra important
area, the responsibility for
cost control, and therefore
premium reduction, lies with
the driving public,” says
Tom Holmes, President of
the corporation.

Meanwhile, the report
sees the possibility of some
reduction in the accident
rate through tougher
legislation and law enforce-
ment.

Underlining its long-
standing commitment to
road safety, the corporation
launched an_ intensive

province-wide
program during the year.
Aimed at students from
kindergarten through grade
12 and beyond, it in-
corpuiates a life-size crash
demonstrator, comic stmp
characters, puppets, films
and a wide range of class-

education

room materials. The first of
its kind tm Canada, the
prop im ix een designed

to encourage road safety and
life-time good dnving at-
titudes to help reduce ac-
cident !u.cl . future years.
The graphic theme of this
year’s annual report reflects
the support of this program.
Records show 1981 claims
volume and . osts were again
extremely high, totalling
approximat ly 480,000, the
average cost increasing from

$933 in 1980 to $1100 in
1981.
The corporation con-

tinued its pohcy of giving
prvference to investment in
B. organizations. At the

years -d, some 40 per cent
of the .. tal portfoho was
invested in the provincial
ecopomy.

The labor dispute which
disrupted working

Operations for five months of
the year, was a factor in the
reduction of administraton
costs, down 8 per cent,
partly because of reduced
payroll during that period.
Despite the highly
competitive iuarket and the

problems brought about by
the work stoppage, the
General Insurance Division,
which provides household
and business insurance
throughout the province in
competition with private
insurance, continues to
serve as a stabilizing in-
fluence in the insurance
market through consistent
prices and resistance to rate
variations.
During the
corporation
develop

year, the
continued to
innovative
coverages and_= services
through the General In-
surance Division. Highlights
include a major revision of
Homeplan/Homeowners p-
olicies, introducing a new
Fine Arts policy, a publhc
service “Guide to Safe Wood
Heat,” a new Contractors
Equipment insurance
package designed for small
operators and ai Con-
dominium Council Errors
and Omissions coverage.

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