B.C.’s attorney general is set to speak to reporters this morning about his plans for dealing with escalating financial losses at ICBC.
David Eby’s announcement comes just three days after the public auto insurer posted a net loss of $860 million in the first nine months of the fiscal year — $273 million higher than expected. Eby has described those numbers as “unsustainable and unacceptable.”
He’s set to speak Monday at 10 a.m. PT.
According to ICBC, the escalating cost of insurance claims is to blame for its worsening financial situation.
Several changes to how ICBC operates have already been announced and will come into effect on April 1. That includes a cap on pain and suffering claims for minor injuries and a new dispute resolution process.
Eby contends the reforms will save more than $1 billion a year.
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