ICBC has started the process of raising its rates.
The insurance company says it will make an application to the BC Utilities Commission in two months for an increase, citing a jump in personal injury claims.
If it were to make that application today, ICBC says they would be requesting a 6.7% bump.
That’s something Transportation Minister Todd Stone calls “unacceptable”. He says the Ministry of Transportation will be working with ICBC over the coming weeks to try to lower the increase.
BC NDP ICBC critic Mabel Elmore fired a salvo at the government over the proposed rate jump;
“Last year ICBC transferred $139 million to the BC Government and in 2013, $237 million. So we are seeing ICBC generate profit, yet British Columbians are having to pay more every year.”
Elmore cited a 23% increase in insurance rates since Christy Clark came into power, saying it’s all a part of a bigger problem.
“British Columbians are having to pay more every year, which is becoming a pattern; BC families facing increasing fees and rates. Not only at ICBC, but BC Hyrdo, ferry fares, camping fees and MSP Premiums.”
ICBC says bodily injury claims topped $2 billion for the first time in 2014 and are expected to rise to $2.3 billion in 2015 – an increase of 64 per cent, or almost $900 million, since 2008.