ICBC collects the second highest premiums in Canada.
Despite that, according to an Ernst and Young report, the premiums are not high enough to cover the true cost of paying claims.
That’s because there’s more accidents on BC’s roads and the number and size of claims is increasing.
The report, that had been commissioned by the former Liberal government, says unless something significant is done, and quickly, the average driver in BC will need to pay 30 per cent more by 2019.
Attorney General and Minister Responsible for ICBCÂ David Eby says there’s some low hanging fruit that can help stem some red ink but litigation costs make up about 25 per cent of ICBC expenses…..
Not on the table for discussion, Eby says is no-fault insurance and photo radar.
