|New math explained by Mark Jan Vrem|
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?
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