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

Campsall adds title of world champion to already extensive archery resume

Cariboo Archer Al Campsall can now stake claim to the title of world champion.

Cariboo Fire Centre update Sunday, Aug. 19; no new fires discovered Saturday

There are currently 63 active fires in the Cariboo Fire Centre.

Air quality still very high health risk in Williams Lake

Particulate matter counts are down from Friday but still high

Williams Lake gathering donations for wildfire evacuees in Prince George area

Wanting to pay it forward, the Williams Lake Fire Relief Effort will be at Canadian Tire Sunday to Tuesday accepting donations

Williams Lake Powerlifter makes big waves at Kelowna competition

A Williams Lake resident put his technique to the test Aug. 11 at Kelowna Hard Knox Open

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

B.C. swimmer halts journey across Strait of Juan de Fuca after hypothermia sets in

Victoria MS athlete Susan Simmons swam for eight-and-a-half hours in 9 C choppy waters

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights are misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Prime Minister Justin Trudeau to march in Montreal’s Pride parade

Trudeau will end the day in his home riding of Papineau

Most Read