According to a recent news release, the Insurance Corporation of British Columbia has projected that their annual internal operating expenses is going to grow to over a billion dollars next year.
That number is said to support employee salaries, benefits and other costs in addition to being a 25 percent increase since 2018.
This growth has been a cause for alarm for the company since their projections have also shown that the crown insurer is expected to lose $298 million this year.
Other data from ICBC has revealed that the monopoly insurer spent more money on its operational costs last year, than it provided in benefits to help drivers recover.
And more information about ICBC’s new no-fault model is expected to be revealed in the coming weeks by IBC.
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