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

Oak Bay Tea Party: Tea cup race training in full gear

Mayor challenges Oak Bay fire, police deputies in June 3

Victoria heroes rappel 15 storeys for the Make-A-Wish Foundation

Over $60,000 raised at city’s first Rope for Hope event

Malahat closure snarls traffic

Traffic moving slowly on detour options, surrounding areas

Victoria man claims he was racially profiled at local health food store

Loss prevention officer employed by third party company refused customer entry to store

Two people injured in crash on Malahat

Crews have stopped the fuel truck leak but Trans-Canada Highway remains closed

Two people injured in crash on Malahat

Crews have stopped the fuel truck leak but Trans-Canada Highway remains closed

B.C. pipeline goes ahead despite scrapped Pacific Northwest LNG

NEB approves amendment for $1.4-billion natural gas North Montney Mainline Project

Update: Wildfire northwest of Kamloops jumps from 60 to 800 hectares

Ground crews and aircraft are responding to an estimated 50 hectare wildfire approximately 55 kilometers northwest of Kamloops, near the Deadman Vidette Road.

Looming tax changes could bring pay hike for Saanich councillors

Will Saanich council raise remuneration rates? That is one of the looming… Continue reading

Feds limit chinook fishery to help killer whale recovery

Chinook is main food source for only 76 southern residents killer whales left

B.C. mom who died just before daughter’s wedding wanted family to be happy: twin

Ann Wittenberg was pulled into the ocean while on a surf board in Tofino last weekend

Courtenay-Alberni MP calls for lifeguards at popular surf spot near Tofino

The Pacific Rim National Park Reserve is defending its decision to cancel the surf guard program.

Harvey Weinstein to surrender in sex misconduct probe: officials

Would be first criminal charge against Weinstein since scores of women came forward

Special Olympic bowlers strike gold

Athletes from Saanich and Esquimalt reach podium at Special Olympics Canada Bowling Championships

Most Read