ICBC's 2009 — 2011 Service Plan provides an overview of our three-year plan to fulfill responsibilities for providing auto insurance, driver licensing, and vehicle registration and licensing services.
This Service Plan discusses our corporate strategy and supports our vision that ICBC will be BC’s preferred auto insurer, providing protection and peace of mind. Our mission is to deliver quality auto insurance products and services at competitive prices through a knowledgeable team committed to our customers.
ICBC is a provincial Crown corporation established in 1973 to provide vehicle insurance to British Columbia’s motorists. We are the sole provider of universal compulsory coverage (Basic insurance) in the province and compete with other insurance companies in the sale of optional vehicle insurance coverage. As part of our mandate, we also provide driver licensing, vehicle registration and licensing, and other services on behalf of the province. ICBC is currently one of BC's largest corporations with approximately $11.5 billion in assets.
Insurance is a complex business impacted by many external trends, factors and risks. This section describes the property and casualty insurance industry in Canada and the current issues facing auto insurers. The BC Utilities Commission is the independent regulator responsible for the setting of ICBC's Basic rates while optional insurance rates are set by ICBC's Board of Directors.
The achievement of our vision and mission is articulated through the corporate strategy which has four goals:
For each goal, specific objectives are established to guide the corporation. Measures are defined and targets are set to enable performance to be measured for these goals and objectives.
Download full 2009–2011 Service Plan (PDF - September 2009 Update)