Insurance Corp. of British Columbia reported net income of $15 million for the quarter ended September 30, which compares to a loss of $7 million for the same quarter last year. Net income for the nine months ended September 30, was $24 million, compared to a net loss of $38 million for the same period in 2001.

“While we are pleased to see a growth in our sales revenue, major reductions in our controllable costs and a modest net income, we are increasingly concerned with rising trends in collisions and auto crime,” said Nick Geer, ICBC’s president, CEO and chair of the board, in a news release.

Insurance premiums earned in the third quarter increased by 8% to $686 million from $635 million for the same quarter last year. This growth is due to the rate adjustment announced in November 2001 and a 1.5% increase in the number of basic insurance policies sold. Claims and related costs for the quarter were $630 million, 6.2% higher than for the same period in 2001.

Investment income for the quarter is down to $57 million from $84 million in the same quarter in 2001 mainly as a result of weak markets and declining returns.

The number and severity of collisions have continued to increase during 2002. The total number of claims are 1.9% higher than in 2001, but the average value of injury claims is 7.9% higher and the average value of property damage claims is 4.1% higher.

Of particular concern are the trends in auto crime. The number of claims for vehicle thefts is up 10% over last year.