ICBC posts net loss of $860 million for first nine months of fiscal year
ICBC is posting another net loss ---$860 million for the first nine months of its current fiscal year
The crown corporation says the loss is due to pressures caused by the rising cost of claims – particularly litigated injury claims.
Net claims for the first nine months of its fiscal year are close to $5 billion, an increase of approximately $600 million over the same period last year, and ICBC is now projecting a year-end net loss of $1.18 billion.
Major reforms are coming to auto insurance in B.C. on April 1 – primarily a limit on pain and suffering payouts for minor injury claims, along with a new dispute resolution process.