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Insurance Corporation of B.C. reveals healthy bottom line for first half of 2007

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VANCOUVER, B.C. (CP) _ The Insurance Corporation of British Columbia more than doubled its net income for the first half of 2007, compared to the same period last year.

ICBC is reporting net income of $256 million from January to July of this year. It made $110 million for the same period in 2006.

The healthy financial pictures follows an interim 3.3 per cent basic rate increase which took effect in May. At the same time, ICBC also cut optional coverage rates by 3.8 per cent.

ICBC says more cars are on B.C. roads, meaning insurance premiums for the first six months of 2007 jumped to $1.70 billion from $1.57 billion in the same period last year.

Overall claims costs in the first half of the year totalled $1.31 billion, slightly lower than the $1.33 billion reported in 2006 _ bucking this year's trend toward higher claims costs.

According to ICBC, most drivers will pay about the same, or slightly less, for car insurance this year and all that black ink is encouraging the Insurance Corporation to mull rewards for B.C.'s safest drivers, although no programs have been announced, yet.

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Insurance Corporation of B.C. reveals healthy bottom line for first half of 2007
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