In an effort to quell their financial bleeding, ICBC has asked the BC Utilities Commission for a 6.3 percent increase to basic insurance rates.
ICBC brought the request before the Commission today and, if approved, the rate changes would come in to effect for April of next year.
According to Attorney General David Eby, the Corporation is on pace to lose 890 million dollars this year, following a 1.3 billion dollar defecit last year.
Eby says that, while he understands the disappointment in the increases, they could have been closer to 40 percent had the government not taken the steps it already has to patch the Corporation.
He went on to describe the state the Corporation was left in by the previous government as a “financial dumpster fire”.