Wednesday, June 16, 2010

Stick out that noble chin, slap on a happy grin

New math explained by Mark Jan Vrem
News item:
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.
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  1. Why is it that no one who caused these claims are brought into account? Why should the insured and taxpayer pay for VANOC's accidents?

    This is a scandal, pure and simple.

  2. Also many municipal governments were pumping cash into the Olympics. It's all money from different pockets of the same taxpayer.

    Same as that $1.6 billion federal transition payment that "we can't afford to lose." The truth is that the feds transfer funds every year to the provinces. It's a matter of negotiation as to how it is labeled.

    They could have made the HST transition payment even more but the amount would have been subtracted from a federal contribution to another project in BC. Skytrain expansion, for example.

  3. I wonder how much is being transfered to the RAV/Canada Line?

  4. No wonder they want to shift ICBC surpluses to general revenues, instead of reducing our insurance rates!



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