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

Growing protests over U.S. school shootings felt in Victoria

Greater Victoria School District officials confident about student safety in local schools

Latitude 48 Paddling Club races through Victoria waters

Local team clinched victory in Nanaimo to kick off season that will see them compete in Hawaii

Brentwood Bay hosts 24-hour cancer fundraiser

Monster and Sea 24-hour Paddle is grassroots fundraiser

Greater Victoria police busy with St. Patrick’s Day calls

Victoria police respond to 82 calls for service

Songhees Wellness Centre event immersed in Indigenous cuisine and culture

Camosun and Songhees cook together for reconciliation while fundraising for student scholarship fund at March 23 event

Victoria airport terminal expansion under way

Videos posted showing work in progress over the next 27 months

A frustrated Trump lashes out at special counsel Mueller

In a series of weekend tweets naming Mueller for the first time, Trump criticized the investigation into Russian interference in the 2016 presidential election

B.C. teachers’ union to ask for higher salaries to help with shortages

B.C. starting teacher salaries are $10,000 to $15,000 lower than Ontario or Alberta says B.C. Teachers’ Federation president.

Few political staffers on Parliament Hill report sexual misconduct: survey

Sixty-five of the 266 survey respondents said they had personally experienced at least one incident of sexual harassment.

Experimental pot lab sprouting cannabis-infused drinks, new edibles

Nestled inside Canopy Growth Corp.’s sprawling marijuana facility outside Ottawa is a special laboratory

Federal committee to examine human trafficking in Canada

The Commons committee plans on holding hearings in Montreal, Toronto, Edmonton and Vancouver.

Braves beat Buccaneers in Game 7 to advance to finals

Saanich wins 5-2 on Sunday in Nanaimo, will now face Campbell River

Anti-pipeline protestors block Kinder Morgan tanker near Seattle

Protest was spurred on by the 28 anti-Kinder Morgan activists arrested in Burnaby

Saanich residents still prefer single-detached homes

When it comes to housing, Saanich’s population of 114,148 prefer to live… Continue reading

Most Read