Deluded thinking on ICBC

I find it entertaining that so many deluded people suggest that privatizing ICBC and breaking its monopoly will provide better auto insurance prices and services.

When you purchase gasoline, you do not purchase from a monopoly, or do you?

There is ample competition available to purchase gasoline, yet the retail prices continue to rise, even though the price of the raw product drops and the supply has increased.  Alberta complains that it is not getting a fair price, and sells at a discount, due to the overabundant supply.  So what we really have is a gasoline industry monopoly, comprised of a number of gasoline companies, all of which work together to increase the price for the entire industry.

If ICBC was privatized, there would be a number of private insurance companies that would work together, just like the gasoline companies, to increase the price of the insurance industry for the betterment of the insurance industry, and not the consumer.

When the proponents of ICBC privatization can demonstrate to me how competition in the gasoline industry has benefited consumers, then I will step in line and advocate for the privatization of ICBC as well.  But they can’t.

Jamie Hill

More Letters to the editor




The opinions expressed here are strictly those of the author. Castanet does not in any way warrant the information presented.

Visit our discussion forum
for these and other issues.

Previous Stories