B.C. Attorney General David Eby will speak to the media this morning at 11 a.m. PT about the nearly $1 billion loss at ICBC in the first three quarters of the fiscal year. The public insurer announced that it had lost $935 million from April 1, 2017 to Dec. 31, 2017.
The projected loss now stands at $1.3 billion for the entire fiscal year. ICBC says soaring injury claims and the costs of vehicle repairs are contributing the to the ballooning loss.
The provincial government has promised major changes at ICBC. Eby has hinted at more expensive insurance for problem drivers, cutting down on claims in court and new technologies aimed at reducing distracted driving.
The New Democrats have slammed the previous Liberal government for not acting on 2014 recommendations by consultants Ernst and Young. The report recommended a cap on court-ordered financial awards paid to victims who suffer “minor” soft-tissue injuries like whiplash in vehicle crashes. B.C. is the only province without a cap. The previous government removed the recommendation before handing the report over to ICBC.
Watch the livestream of Eby’s press conference above at 11 a.m.