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Report says ICBC rates could climb 30% in next 2 years

The NDP government is committing to fix the issues at the province’s Insurance Corporation.

British Columbian motorists are set to be hit with auto insurance rate hikes of almost 30% if the government doesn’t overhaul ICBC’s basic insurance system.

That’s according to a 203-page report by Ernst and Young commissioned by the Liberal government in late 2016.

New Attorney General and Minister Responsible for ICBC, David Eby says the report outlines several reasons for the financial crisis, including the dividends pulled out of the corporation by the previous Liberal government.

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“The second is that British Columbia has seen a spike in the number of accidents and injuries – a 23% increase since 2013 and as a result there are additional costs as claims against policies go up.”

Eby says the government is making it a priority to ensure BC drivers have affordable insurance.

He says no fault insurance and photo radar are not on the table but there is some low hanging fruit like ensuring bad drivers pay more and looking at ways to reduce costs for litigation.

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