Bulletin
MoveUP Leaders to Meet with New Government
August 17, 2017
To: All MoveUP members at ICBC
ICBC’s financial problems have been the focus of media reports and speculation, which may be causing unnecessary worry for MoveUP members.
We want to reassure our members that the headlines do not reflect the complete picture of ICBC’s financial situation. While ICBC has big problems that we’ve all known about for years, the Corporation isn’t going anywhere. Your jobs and pensions are secure.
Problems in the auto insurance sector are not unique to ICBC, these are global issues facing all providers of auto insurance.
ICBC has over $2.5 billion in capital and claims reserves of $10.5 billion this fiscal year. It would take many, many years for those funds to be completely depleted. Even then, ICBC is backstopped by the government of BC.
The minister responsible for ICBC, David Eby, is focusing on ways to reduce the escalating cost of claims. He has ruled out no fault insurance. We do not expect, nor is there any indication that staff or administration will be targeted for cost savings, as they are not the source of the problem. In fact, it is due to your hard work that ICBC continues to be a top notch auto insurance company with some of the best coverages available in Canada.
MoveUP will be meeting with Eby soon to clarify his plans for ICBC. We have also requested a meeting with the ICBC President Mark Blucher and Vice-President Barbara Meens Thistle. We want to be an active partner in the decision making and long term direction of the Corporation, as we can offer uniquely informed advice on how changes will affect and be implemented by staff.
Our members’ job security and well-being is of the utmost priority for MoveUP and when we learn more, we will be sure to let you know.
If you have any questions, please do not hesitate to contact us.
In solidarity,
David Black, President
Annette Toth, Vice-President
