ICBC confirms CEO is leaving to join Credit Union

Published: December 21, 2017

Updated: July 24, 2018

Author: Luke Jones

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The Board of Directors of the Insurance Corporation of British Columbia (ICBC) announced current president and CEO Mark Blucher will be leaving the crown corporation. The resignation will be effective December 29 as Blucher will be heading to join Central 1 Credit Union to become its new president and CEO.

A press release by the ICBC points out Blucher has been with the company since 2010. He joined as senior vice-president of insurance and was promoted to president and CEO in 2012. Before joining the public auto insurance provider, Blucher held several senior executive positions in the industry in Australia and New Zealand.

“ICBC’s loss is Central 1’s gain,” said ICBC Board Chair Joy MacPhail in a statement. “We will miss Mark’s extensive expertise and leadership but this is a great career opportunity for him. I am particularly pleased he has decided to stay in the province and continue to contribute his expertise here in British Columbia.”

“ICBC’s Board and senior management are fully committed to working with government to make both basic rates affordable and ICBC sustainable in the long run,” MacPhail added. “Mark has been a consistent champion of ICBC, customer service and rate affordability, and we will continue to pursue those principles.”

The ICBC is currently going through a crisis after a report published in the summer showed the corporation is in financial trouble. With collisions and claims constantly rising in British Columbia, the company would need to raise premiums by up to 30% just to break even.

Authorities, regulators, and insurers are still debating how to solve the ICBC problem.