B10-Sunday News, March 16, 1980 auto 1145 includes new fiuid ® Roasc test e®Remove pan ® Visual inspection e Clean sump & screen* e Adjust bands & linkage * e Replace pan gasket & fluid Most domestic and import cars *where applicable We fix transmissions because we know how. Mon. - Fri. 8 to 6, Sat. B to 1. Remember, this is a preventative maintenance service {tf you already have transmission problems, ask about our other reliable services. ~ Locaily owned & and operated by your All-Trans man. 725 W. 14th St. at Marine Drive North Vancouver 986-5355 . Locations throughout the Lower Mainiand. Presents Bob Husih Basic Brake Job The Brake Doctor His Pre Spring utoplan breal claims cost rise dramaticall ICBC Annual Report The Insurance Corpora- tion of B.C. is in a break- even fiscal position for the second year running. It has recorded a $2.9 million surplus in spite of serious in- creases in claims costs. This surplus represents less than 1 per cent of the total income. The Crown Corporation’s Annual Report for 1979, released today, shows that revenue totalled $364.9 million while claims incur- red and expenses came to $362 million. The Corporation's fiscal year has been changed to December 31. Previously it was February 28. The Board of Directors in its report, said this change will bring the Corporation in line with most major property and casualty insurers and will allow it to more easily make direct operating and effi- ciency comparisons with other companies. Dave Thodeson (The Brake Doctor) Special Offer Expires March 31 Here's What We Do After A Thorough Inspection Of The Brake System 4 Wheel Drum Brakes Renew Brake Linings Safety Test Drive @ © Machine The Drums ° © Repack Front Wheel Bearings ° © Adjust Brakes ° © Adjust Parking Brake : @ e 69°. Most >. Models Front Disc/Rear Drum Combination Brakes Renew Pads And Brake Lining Machine Rotors And Drums Repack Front Wheel Bearings Adjust Rear Brakes Adjust Parking Brake Safety Test Drive 89° Most Popular Models tf Necessary, Additional Parts And Labour Extra Alignment Special $7 795... sce. Here's What We Do After A Thorough Inspection Of The Steering And Suspension Components © Check And Inflate Tires To Correct Pressure © Adjust Camber-Caster © Reset Toe-In Safety Road Test e If Necessary, Additional Parts And Labour €xtra Snow Tire Removing And Tire Remounting Available NORTH VAN AUTO BRAKE LTD. Your Leader In Fast Quality Service tor An Appointment Or Further Information Call 985-8705 1175 West 15th St. North Vancouver President Robbie D. Sher- rell said the Corporation has successfully maintained its prime objective of providing an automobile insurance ser- vice_of the highest quality on a break-even basis. But he warned of the growing seriousness of claims costs. He said the Corporation recorded 338,000 claims in the 10 month period. The average cost of claims that occurred in this period is currently estimated at $710. Com- pared to 1978, _ this represents a one per cent in- crease in the number of claims but an 19 per cent in- crease in the average cost. “Bodily injury claims are escalating both in numbers and severity,” said Sherrell. there were 18,000 bodily in- jury claims recorded in 1979, a 9 per cent increase. The average cost of bodily injury claims that occurred in the ten months under report rose by $754 or 21 per cent, to $4,400. Sherrell said the escala- tion of bodily injury costs was “ominous” and called on all motor vehicle drivers to make a very conscious effort to drive safely. “The alter- native,” he said, “is higher insurance premiums. Con- sidering these figures, the 10 per cent increase of 1980 may, in fact, not be enough to meet the cost of claims in- curred in that year.” OPERATING COSTS The Corporation introduc- ed many improvements dur- ing 1979, including expand- ed eligibility on the Safe Driving Vehicle Discount for new vehicle owners and newcomers to B.C.,_ the introduction of a year-round system of insurance renewals, and the waiving of restrictions on volunteer drivers of charitable organizations. These accomplishments, plus many others, were achieved while holding operating costs at 18 per cent, one of the lowest ex- pense ratios for an insurance company in North America. “This cost-effective per- formance, combined with a sound investment program, allowed the Corporation to return to B.C. motorists more than 90 cents of every premium dollar in the form of direct settlements and settlement costs,” said Sher- rell. INVESTMENTS The Corporation’s invest- ment fund, including both the Automobile Insurance Act Fund and General In- surance Division invest- ments, totalled $525 million. This portfoho continues to be one of the largest sources of liquid capital in the Pro- vince. It is used in short, medium and long’ term secunties at all levels of government, business and financial institutions with preference given to B.C. organizations. All funds are in Canadian investments. Investment income for Autoplan amounted to $52 million. This record return came about principally through good = investment practices and high yields available on short term in- vestments. Sherrell said investment income plays a significant 15% off for Senior Citizens for as long aS you Own your domestic or foreign car —_ em ee eee a ee Ce Midas Muffler 800 Marine Drive North Vancouver 986-5361 -Locally owned and operated— cs even but e Shock Absorbers Coil Springs Custom Dual Exhaust role in holding down premium rate increases which might otherwise be necessary to meet sharply in- creasing claim costs. “It's good to note that the current investment income com- prises about 14 per cent of our revenue,” he said. GENERAL INSURANCE The General Insurance Division provided coverage through about 95,000 policies during the period under review. A successful performance resulted in a surplus of $1.9 million on almost $18 million of earned premiums. The Division continued to maintain a_ stabilizing in- fluence in a market that is extremely cyclical.in nature. “We are dedicated to the principle of resisting erratic underwriting and _ rating practices and providing, in- stead, a more consistently priced insurance service,” said Sherrell. The year saw the in- stallation of the first and ma- jor phase of a sophisticated, computerized policy management system which will, eventually, allow in- stant retmeval of all claims and coverage data. The Division also _ in- troduced a comprehensive insurance policy for recrea- tional campers and trailers that also covered specialized equipment and contents. A copy of the 1979 Annual Report is available (free) to anyone on request. Write to the Insurance Corporation of B.C., P.O. Boa 11131, Royal Centre, 1055 West Georgia Street, Vancouver, B.C., V6E 3R4. shape up. your Car for Spring a master charge ] CooL it ’