Vancouver, British Columbia – The Insurance Corporation of British Columbia (ICBC) has marked its 20th year of helping keep customers and other road users safe, with the investment last year of approximately $9 million on 280 road improvement projects and engineering studies in 81 communities.
ICBC launched its Road Improvement Program in 1989 and, since then, has invested approximately $88 million in road improvements across the province. The program works in partnership with municipalities and the B.C. government.
“Road improvement programs deliver real value to our customers and other road users, from drivers to pedestrians,” said Nicolas Jimenez, director of Road Safety. “Most of our investments occurred over the past decade, as we assisted with more than 2,000 road enhancements to help make B.C. roads safer for everyone.”
Jimenez said that ICBC is currently the only Canadian auto insurer, public or private, to invest in road improvement programs at this level. “We all benefit from these programs because safer roads lead to fewer crashes and help prevent injury and death,” he said. “And fewer crashes also translate into lower claims cost, which helps ICBC keep rates low and stable.”
An independent evaluation of ICBC-funded road improvements found that, measured over a two-year period after a project’s completion, ICBC saves $4 in claims cost for every dollar invested, while road users continue to benefit from the improvements well beyond two years.