The British Columbia government will announce changes today to ICBC after the insurer was forecast to lose $1.3 billion by the end of the fiscal year.
ICBC chairwoman Joy MacPhail and Attorney General David Eby will hold a news conference in Victoria this morning to explain the changes.
The insurance corporation has posted a net loss of $935 million in the first nine months of its fiscal year.
ICBC said the “sizable and significant loss” is evidence of the growing financial pressures from a rapid increase in the number of collisions in the province, as well as the rising costs of those claims.
The cost of injury claims is closing in on $3 billion annually, ICBC said.
The number of large loss claims, with an average payout of $450,000, has also spiked by 80 per cent in the last 12 months.
In January, Eby described the crisis at ICBC as a “financial dumpster fire.”
He also said the said the Crown corporation’s financial problems are the fault of the former Liberal government for failing to address issues years ago.
With files from The Canadian Press