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Home / 2018 / Possible rate hikes ahead as ICBC drives toward more losses
Possible rate hikes ahead as ICBC drives toward more losses

Possible rate hikes ahead as ICBC drives toward more losses

BC drivers could headed for a big insurance hike as the financial wreck at ICBC continues.

The insurance corporation is forecasting a bigger-than-expected loss of $890 million this fiscal year after posting a $1.3-billion net loss in 2017-18.

The government says the financial situation is due to the rising number and cost of auto claims.

While the province has announced changes it hopes will save a billion dollars, those cost savings measures won’t kick in until April.

The NDP government says it’s looking at ways to accelerate ways to stem the red ink, which could mean rate hikes when ICBC tables its rate application with the BC Utilities Commission next month.

About Bill Fee

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