Accident rate is up, and injury claims, especially older claims that started out as minor. (Black Press files)

ICBC projects deficit of $1.3 billion this year

‘Massive growth’ in injury claims costs piling up

B.C.’s public auto insurer has confirmed its losses are accelerating, with annual injury claims rising from $3 billion in 2014 to almost $4 billion today.

And in addition to a continued increase in vehicle accidents, the pressure is coming from minor injuries that have developed into big demands for compensation by personal injury lawyers.

“In recent months, we have seen the emergence of many more, large and extremely costly claims, which run into hundreds of thousands of dollars each,” ICBC said in a statement posted on its website Sunday. “In particular, older claims – some dating as far back as 2010 – which were initially presented as minor injury claims have since emerged as more complex and costly, large loss claims.

“Over the past 12 months, we have experienced an unprecedented 80 per cent growth in large loss claims which have an average cost of $450,000 per claim.”

The projected loss comes despite a 6.4 per cent basic insurance rate increase approved this month by the B.C. Utilities Commission. That translates to an average increase of $4.75 per month for personal basic insurance coverage, which took effect Nov. 1 on an interim basis.

Attorney General David Eby released a consultant’s report after the NDP government took office in July, projecting ICBC rates could rise 30 per cent by 2019 if changes aren’t made. At the time, Eby rejected the idea of “no-fault” insurance that would cap the awards available for soft tissue and other minor injuries.

B.C. Liberal leadership candidates have traded blame for the soaring increase in claim costs, which has been a cause of alarm for ICBC executives since 2013.

Just Posted

Victoria resident faces discrimination from BC Transit since transitioning to a wheelchair

Daniel Sands says they are often not allowed on buses, even when there is room

Single dad reaches out to Greater Victoria community to help kids celebrate Christmas

A young family was overwhelmed with the warm response from strangers

North Saanich woman arrested after police pursuit, alleged abduction at elementary school

Two police officers were injured and one police vehicle damaged

Thief targets staff rooms at Victoria businesses

Surveillance shows man entering staff room where several items were reported stolen

VIDEO: More air-passenger rights go into effect this weekend

The first set of passenger rights arrived in mid-July in Canada

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

POLL: Do you have a real or artificial Christmas tree?

The lights are up, holiday shoppers are bustling through the streets and… Continue reading

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

Transportation Safety Board finishes work at B.C. plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Trudeau sets 2025 deadline to remove B.C. fish farms

Foes heartened by plan to transition aquaculture found in Fisheries minister mandate letter

Wagon wheels can now be any size! B.C. community scraps 52 obsolete bylaws

They include an old bylaw regulating public morals

Suspect steals 150 pairs of cosmetic contacts from Nanaimo party supply store

Incident happened at Pattie’s Party Palace on Rutherford Road on Thursday

Indigenous mother wins $20,000 racial discrimination case against Vancouver police

Vancouver Police Board ordered to pay $20,000 and create Indigenous-sensitivity training

Most Read