BS - Sunday, March 11, 1984 - North Shore News

THIRD CONSECUTIVE YEAR
After restraint — a surplus

POLICIES of rigorous fiscal
restriant have enabled the In-
surance Corporation of B.C.
to report a marginal net in-
come for 1983, achieving a
break even budget for the
third consecutive year.

The Corporation’s
eleventh annual report, for
the twelve months ending
December 31, 1983, was tabl-
ed in the Province Legislature
by the Honourable James J.
Hewitt, Minister of Con-
sumer and Corporate Af-
fairs. The report shows
revenues of $796.9 million
for the Insurance (Motor
Vehicle) Act Fund balanced
against costs of $796.9
million. The resulting $4.3
million net income allowed
ICBC to meet tts break-even
mandate, meeting all claim

costs and expenses from
premium and_= investment
revenues with no outside
subsidy

‘The task of operating on
a break-even financial basis
when annual revenues ap-
proximate eight) hundred
million, and both the fequen
cy and severity of claims have
to be estimated, ts not a sim
ple one Nevertheless, in cach
of the last three years the
Corporation has operated
with a surplus of Jess than

be

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1% of total income,’’ notes
the report.

In response to a year of
fiscal restraint, all programs
were rigorously scrutinized to
ensure maximum efficiency
and economy. As a result, it
was necessary to discontinue
some programs — such as the

Finance Plan — for which
the cost burden to atl
motorists outweighed the

convenience to a minority.
Investment income of $101
million was a significant fac-
tor in a successful financial
year, contributing 12.8 per
cent to the total revenue of
the Fund, equivalent to $55
on every Autoplan policy.
The Corporation's invested
funds, totalling $934 million
at December 31, are made up
of provisions set aside to pay

anticipated claims and to
recognize unearned
premiums In_ accordance

with established = policy,
ICBC contined to give
preference to organizations
based in B.C Investments in-
clude Federal, Provincial and
Municipal government,
business and = financial
securities

The number of polos in
force in 194 remained at the
proor year level of 18
milbon

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The Corporation’s General
Insurance Department
reported a 7 per cent increase
in net written premiums, and
a profit of $1.1 million.
‘*This result is most satisfac-
tory considering the intensity
of market competition,’’ says
the report.

Providing insurance ser-
vices to 121,000
policyholders in every area of
the province, general in-
surance offers a comprehen-
sive range Of insurance ser-

vices for homes, pleasure
craft and commercial
insututions.

The 1983 report marks the
tenth decade of operation for
the Insurance Corporation
The Corporation’s primary

Free tax

AN INCOME tax informa
tion booklet 1s now available
without charge from many
Certified General Accoun
tants throughout British
Columbia.

The publication, ts entitled
“Tax Tips’? and contains 3&
Questions and Answers on
personal income lax The
maternal is written in plain
Enghsh and is completely up

ev)

mandate is to provide quality
imsurance coverage to the
motorist of British Columbia
at cost, with revenues and ex-
penses in balance.

Achievements of the past
ten years ‘‘include the in-
troduction of a claim-related
premium scale, non-
discriminatory premium pric-
ing, an extensive dial-a-claim
reporting procedure and in-
novative traffic education
programs,’’ reports the
Board of Directors.

Copies of the Corpora-
tion’s 1983 annual report are
available on request from the
Public Information Depart-
ment, Insurance Corporation
of British Columbia, 141
West Esplanade, North Van
couver, B.C. V7M 3H9

guide

to-date

The booklet is provided as
a publhc service by the Cer
tified General Accountants
Association of British © ol-
umbia on conjunction with
CG ACs tn publie practice

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STUDENTS FROM Hillside Secondary School
got a rare look at the advanced technology that
keeps track of 1.8 million Autoplan insurance
policies when they toured ICBC’s computer centre
recently. Seen here, ICBC supervisor Bob
Holbrow answers students’ questions as he guides
them through the installation, one of the largest in
western Canada. The West Vancouver group was
the first to tour the centre, normally off-limits to
all but ICBC computer staff. The visit was part of
a community-wide computer literacy project spon-

sored by the Data Processing Management
Association.

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