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

Man flees Bay Centre after daytime sexual assault in downtown Victoria

The suspect physically and sexually assaulted a 12-year-old girl shopping with a friend

Chinese New Year takes to the streets of Victoria

Hundreds brave chilly temperatures to usher in the Year of the Dog

Storm snuffs out lights on Saanich’s Ten Mile Point

Environment Canada wind warning calls for a brief “respite” before winds of up 90 kilometres resume

Sidney fire fighters get their first truck back

After years of neglect, the truck is running just fine

Sidney’s taxes going up this year

Town calls increase “modest,” represent a $34/year jump for the average household

WATCH: Vancouver Island man catches dashcam video of near head-on crash

Video shows oncoming van cross over centre line

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

VIDEO: Protesters rally for affordable housing ahead of B.C. budget

Residents call on province to keep locals housed

School shooting unfathomable to Saanich student

Claremont Grade 10 student reflects on the carnage inflicted on U.S. schools

#Metoo movement causing confusion in many men, fear of missteps with women: experts

Being painted by the same sweeping brush as those alleged to have mistreated women has angered men

Liberals to dig deeper, aim higher on gender equality in 2018 federal budget

Finance Minister Bill Morneau said the budget would include measures to boost women in the workforce

Vancouver Island’s Teal Harle finishes fifth in Olympic Men’s Slopestyle skiing

‘I’ve definitely surpassed every expectation I had for the Games’ – Harle

Body of missing skier found

Man’s truck found in Revelstoke Mountain Resort’s parking lot covered in ‘several days’ snow’

Most Read