YEAR IN REVIEW 2020/21 was quite a ride. Car insurance certainly wasn’t the biggest story of the past twelve months, but ICBC spent much of last year implementing the most significant changes to auto insurance in B.C.’s history. We thank all British Columbians for your patience, support and feedback over the past year, helping us move forward despite an unprecedented and challenging situation for all. PREPARING FOR ENHANCED CARE We spent much of the year preparing for the launch of Enhanced Care coverage on May 1, 2021. Read more MAKING AUTO INSURANCE MORE AFFORDABLE With Enhanced Care, B.C. drivers are seeing average saving of more than $400 per year. Read more NAVIGATING THE PANDEMIC We adapted by offering online and phone access for many services, and passed savings back to you through $950 million (total—not per person ) in rebates. Read more $ IMPROVING OUR FINANCIAL PERFORMANCE Our net income was $1.54 billion, an improvement of $1.91 billion over the previous year. Read more EXPANDING CUSTOMER SERVICE We provided service to over 1.5 million customers in person and introduced insurance renewals by phone and email with broker partners, an appointment-booking system, and insurance payment deferrals. Read more GREATER TRANSPARENCY More than 2,400 British Columbians joined our Insight Panel. We also made crash and vehicle data more accessible on our website. Read more In 2020/21, our ICBC team worked to ensure customers and partners were ready for the launch of Enhanced Care. They helped shape the new care-based insurance system to make sure it works for everyone. Read Story MAKING AUTO INSURANCE MORE AFFORDABLE Enhanced Care will help ICBC keep customer premiums more affordable in the years to come. 0% SAVINGS In 2020, the average annual cost of car insurance was $1,900. With Enhanced Care, it’s $1,500. That's around a 20 percent savings. Use our tool to estimate your savings from Enhanced Care NAVIGATING THE PANDEMIC Because we all drove less in the early days of the pandemic, there were fewer crashes. ICBC had lower claims costs as a result. We passed the savings back to you through a total of $0 million in two rebates to eligible customers. The first came in early 2021, the second in the summer. Read Story IMPROVING OUR FINANCIAL PERFORMANCE LOWER CLAIMS COSTS $3.3 billion spent to settle claims in 2020/21, $2.6 billion less than the year before. Why? In addition to less driving due to COVID, there’s been a downward trend in crashes, in part from road safety initiatives and road improvement projects by ICBC and our partners. NET INCOME $1.54 billion - $1.15 billion 2018/19 - $0.38 billion 2019/20 2020/21 HOW YOUR PREMIUM DOLLARS ARE SPENT FOR EVERY $1.00 WE COLLECT IN INSURANCE PREMIUMS ICBC PAYS OUT $0.00 $0.00 Claims costs $0.00 ICBC operations $0.00 Tax, broker commissions, road safety projects, etc. Income from investments helps offset these expenses. Averaged from 2016/17 through 2020/21 EXPANDING CUSTOMER SERVICE We served over 1.5 million customers in person in our driver licensing locations and completed more than 270,000 road tests. The best news of all: most of these new customer service initiatives are here to stay! DIVERSITY, EQUITY AND INCLUSION We’re a proud founding employer partner of the Canadian Centre for Diversity and Inclusion, a national organization that promotes diversity as an asset and not an obstacle. We have more to do but some ways we’re taking action on our commitment to diversity, equity and inclusion are training employees to find ways to be more inclusive in their work and interactions, and encouraging peer-to-peer dialogue. GREATER TRANSPARENCY We continued to expand our Insight Panel in 2020, adding a diverse group of more than 2,400 members from across the province. The panel provides customers with opportunities to share your views and opinions on a wide variety of topics. Join the Insight Panel We also added a new tool to our website, to make information easier to find: Latest ICBC statistics IMPROVING ROAD SAFETY We’re committed to making roads safer for all British Columbians—drivers, cyclists and pedestrians. Read Story 2020 marked the 30th anniversary of our award-winning road improvement program. SUPPORTING B.C. COMMUNITIES ICBC is committed to being a diverse, inclusive and equitable company that reflects all British Columbians. We have engaged in direct outreach with 173 First Nations communities, with a goal of strengthening our relationships and providing better service. We bring knowledge testing services to some remote locations that don’t have access to driver licensing offices. Knowledge tests for learners' licences and motorcycle licences are available in 11 languages and over-the-phone interpretation service in 215 languages and dialects. Our employees always show great generosity during the annual United Way campaign, now in its 47th year, and JeanUp campaign, supporting BC Children’s Hospital. Our campaigns during the pandemic were among the most successful in B.C. We increased grants to injury recovery organizations that we support through our Community Grants Program, recognizing that they have been squeezed by the pandemic. Read Story WHAT'S NEXT? $ $ $ $ $ AFFORDABILITY In 2020/21, we managed vehicle repair costs and found efficiencies in how we process claims. We’re always looking for ways to reduce costs while offering outstanding products and services, to ensure ICBC is financially sustainable and auto insurance is affordable for British Columbians. EASY INTERACTIONS We’re continuing to implement ways to make our products and services easy to access, wherever you are. Next up: online insurance renewals by May 2022. REACHING FURTHER We will continue to work on areas like improving our customer service and ensuring we are fair and inclusive in all we do. We are always seeking to live up to the privilege of serving British Columbians. ALL RIGHTS RESERVED