ICBC chooses new CEO after former head moves to BC Ferries

David Wong is pictured. (ICBC)

ICBC has appointed a new CEO several months after the former executive left the role to serve as the new CEO of BC Ferries.

David Wong has been selected as the new CEO of ICBC, the insurance corporation announced Friday.

Wong joins ICBC after years of work at BC Hydro, including his most recent role as chief financial officer (CFO) at the energy provider.

"I would like to congratulate David Wong on his appointment as president and CEO of ICBC," said B.C. Minister of Public Safety and Solicitor General Mike Farnworth in a release Friday.

"The leadership and experience David brings leaves ICBC in good hands as ICBC continues down the path of providing affordable rates and improving customer experience," he said.

Wong will join ICBC on May 15, several months after ICBC's former CEO, Nicolas Jimenez, left the corporation to head BC Ferries.

The former BC Ferries CEO, Mark Collins, who held the role for about five years was fired in 2022 as the ferry operator struggled through repeated staffing shortages, service interruptions and other "COVID-related challenges."

After Jimenez left to join BC Ferries, Phil Leong worked as the interim president and CEO of ICBC. He will return to his role as ICBC's CFO once Wong joins the team in May.

"David joins ICBC as Enhanced Care passes its second anniversary in a strong financial position, with rates remaining stable for another two years," said Farnworth.

ICBC's "Enhanced Care" model, sometimes described as a "no-fault" system, launched in May 2021.

The change was made to lower insurance premiums for British Columbians, the province said at the time, largely by reducing the need for litigation and its associated costs.

In the program's first year, B.C. drivers saved an average of more than $400, according to ICBC, though some victims of crashes say they feel abandoned by the system and wish they still had the option to sue for damages.