November 25, 2022 (VANCOUVER) – In the Province of British Columbia's Second Quarterly Report released today, the Insurance Corporation of British Columbia (ICBC) is projected to record a financial loss of $298 million for the current year.
Following this announcement, Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada, issued the following statement:
"This financial update from ICBC should be seen as incredibly disappointing news for ICBC's customers, as well as taxpayers in British Columbia who will ultimately bear the cost of these losses. After years of financial turmoil, the introduction of no-fault was supposed to help stabilize ICBC's financial situation by eliminating the right to sue in most cases and introducing strict limits on the care and recovery benefits it provides. As a result, the first year of no-fault saw ICBC spend 30% less helping accident victims recover from their injuries. Despite this, ICBC is once again forecasting a financial loss.
British Columbians have a new auto insurance system, but it is the same old ICBC. This update is yet another reminder of the cost of ICBC's monopoly, and the need to open the market to competition to give drivers a choice and taxpayers relief."