ICBC posts $935M in net losses in first nine months of fiscal year
VANCOUVER — The financial crisis at British Columbia’s public auto insurer is deepening, as $1.3 billion in net losses are now projected by the end of the current fiscal year.
The Insurance Corporation of B.C. said the “sizable and significant loss” is evidence of the growing financial pressures from a rapid increase in the number of collisions in the province, as well as the rising costs of those claims.
“The number of crashes occurring across B.C. is continuing to escalate year-after-year. As a result, the number of claims we are receiving is growing by thousands each year,” the corporation said in a news release on Sunday.
The cost of injury claims is closing in on $3 billion annually, ICBC said.