What is the primary purpose of the Insurance Corporation of British Columbia (ICBC)?

The primary purpose of the Insurance Corporation of British Columbia (ICBC) is to provide auto insurance and regulate the insurance market within the province. Established in 1973, ICBC functions as a public insurance provider, ensuring that all drivers have access to basic auto insurance coverage. This system promotes road safety and financial responsibility among drivers, while also addressing the needs of accident victims through its insurance programs.

By offering auto insurance, ICBC plays a crucial role in managing risks associated with vehicle ownership and operation. Its regulatory function helps maintain stability within the insurance market by overseeing rates, ensuring fair practices, and providing oversight for other insurance activities related to automobiles. In contrast, health insurance, life insurance, and general oversight of all types of insurance are not within the specific mandate of ICBC, which focuses predominantly on vehicle-related coverage.