kind of an old news, but I didn't know that this had happen ICBC cuts 12 senior management jobs
ICBC cuts 12 senior management jobs
By Bethany Lindsay, Vancouver Sun December 3, 2014
The Insurance Corp. of B.C. is cutting 12 positions from its senior management team, including two vice-presidents.
The cuts will result in the loss of two corporate divisions at the insurance provider, and will save about $2.2 million in annual operating expenses.
“All these changes have been planned for some time as part of the natural evolution of the company,” ICBC spokesman Adam Grossman said in an email. “Our goals are to operate in a low-cost manner, keep rates as low as possible and deliver valued services for British Columbians, and we will be a leaner organization as a result.”
The cuts are unlikely to result in lower rates for customers. Grossman said those are mainly driven by injury claims costs, which total about $2 billion each year. ICBC headquarters in North Vancouver. The agency will send $480 million in profits to Victoria in the next three years, according to Tuesday’s provincial budget.