insurance

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The recent revelation from the Finance Ministry’s probe into Crown corporations that found ever-more and ever-higher paid managers at ICBC has enraged British Columbians and especially consumers of auto insurance in this province.

It is of course entirely possible that ICBC, a government-owned monopoly, has too many managers and that they’re paid too much.


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Six years have passed since Hurricane Katrina struck the U.S. gulf coast, killing between 1,300 and 1,500 people and causing more than $57 billion (U.S.) in insured losses. Although the peril was a hurricane, Canada’s provinces can draw an important lesson from Katrina when it comes to insurance coverage for disasters, particularly when it comes to earthquakes.

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Unlike individuals or companies, governments in Canada and elsewhere commonly self-insure against risk. This means rather than purchase insurance externally, most governments accept the risks and associated costs. While this can be the most effective way for government to manage day-to-day risk, as we have seen from recent earthquakes in Japan and New Zealand, catastrophic events are another matter altogether.