A 3.3% drop in claims in the first six months of 2009 boosted net profits for B.C.'s auto insurer.
The Insurance Corporation of B.C. reported net income of $277 million in the first half of 2009, up from $255 million in the same period last year.
Claims and related costs fell $50 million to $1.46 billion compared with $1.51 billion.
ICBC credited its road safety and auto crime prevention programs as a major factor in the decline in claims and stronger performance in the second quarter. The corporation said it continues to see a decline in the number and total cost of injury claims.
Jon Schubert, ICBC's president and CEO said, "We continue to manage our business well during these tough times, which has put us in a healthy financial position to keep basic rates unchanged overall and to reduce optional rates for 2009 by an average 3% by October 1."
Stronger performance is also allowing ICBC to invest in much needed customer service system upgrades to streamline its systems and increase efficiency.