WATCH: ICBC lost $935 million in the first nine months of the fiscal year. Calvin To has reaction.
ICBC lost $925 million in the first nine months of the fiscal year.
The crown corporation now faces a loss of $1.3 billion by the end of the fiscal year, up from $11 million estimated by the previous government.
On Monday, B.C.’s attorney general David Eby said the numbers were “astounding” and laid the blame square on the B.C. Liberals.
“They knew the dumpster was on fire, but they pushed it behind the building instead of trying to put the fire out,” Eby said. “Just over three years later, the impact of these reckless decisions is clear for anyone to see.”
In 2014, an Ernst & Young report recommended bold moves to save ICBC money, but Eby accuses the Liberals of removing some pages before the report became public.
The Liberals fired back.
In a statement, Liberal attorney general critic John Yap said:
?The BC NDP are trying to distract from the fact they are not taking action… The threat posed by rising claims and payouts is well-known and the previous government took steps to deal with the issue.”
The Canadian Taxpayers’ Federation is calling for the Crown corporation to be turned into a coop to improve accountability.
“If you turn it into a co-op, it answers to the drivers who opt for it,” said Kris Sims, the Canadian Taxpayers Federation’s B.C. director. “No party would be allowed to just reach in and take money out of it because it would cease to be this big, gangly Crown corporation.”
Eby said ICBC must become financially sustainable.
He said the province is now considering major reforms, including caps on minor injuries and higher premiums for high-risk drivers.
Eby added the NDP will not be looking at no-fault insurance or privatizing ICBC, and that low-risk drivers could eventually be paying less.