ICBC paid insurance claims of $2.3 million for the 4,800 vehicle fleet used by VANOC during this year’s Winter Olympics. ICBC donated the insurance coverage, which it valued at $6.2 million.
ICBC spokesman Mark Jan Vrem explained this was good news for the insurance company because it had, in effect, paid itself $6.2 million for the coverage and had claims of only $2.3 million. Therefore, he said, “For ICBC, it turned out to be a pretty good deal.”
Yes, sir. You made a profit, I think, of $3.9 million. Any chance you could use that system for my insurance?
Those of us paying attention recognize the ICBC donation as one more example of spreading out the actual cost of the Olympics so the total is never reported accurately. Every government agency and crown corporation was in on the game, including not just ICBC but also BC Assessment Authority, BC Games Soc., BC Ferries, BC Transit, BC Hydro, BC Liquor Distribution, BC Lotteries, BC Pavilion Corp, BC Transmission Corp., Columbia Power Authority, Industry Training Authority and on and on through the entire list.