Attorney General David Eby says a revelation by the Insurance Corporation of British Columbia that it’s on track for a $1.3 billion loss by April amounts to an
unnecessary crisis'' that he calls afinancial dumpster fire.”
Eby is blaming the previous Liberal government — saying successive administrations milked the Crown corporation for more than one billion dollars and then rejected and eliminated recommendations made three years ago that would have restored I-C-B-C’s financial footing.
He says the situation is so dire that without action, drivers in B-C will face a 400-dollar rate hike, just to help the public insurer break even.
He says that is unaffordable and will not be permitted under the New Democratic government, which will bring in major initiatives in the spring to keep rates affordable while raising premiums for high-risk drivers and reducing them for drivers with good records.
(The Canadian Press)