Stop the ICBC bleeding

There’s more than enough blame to go around.

People have a lot to say about ICBC.

But love it or hate it, one thing is certain: The business model is flawed.

This week, the government revealed just how unsustainable the crown corporation is.

According to Attorney General David Eby, if nothing is done premiums will have to rise $400 for every driver in the province for the corporation to break even.

Eby’s reaction follows news Sunday that ICBC is facing a $4 billion deficit. That’s a billion dollars more than what it was losing in 2014.

Eby called the situation “a dumpster fire” in need of immediate response.

That should come as little surprise to anyone following the corporation’s slow slide toward insolvency.

The government has already boosted basic insurance rates by 6.4 per cent in November in an effort to stop the hemorrhaging.

Eby says more needs to be done. In particular, he’s acting on recommendations made to the previous Liberal government that were ignored – measures that include capping minor injury awards and raising deductible rates.

But clearly the answer lies a bit deeper.

The problems facing ICBC come from multiple sources, including an unrelenting increase in the number of vehicle accidents on our streets, soaring accident claims and repair costs.

Studies have been done on ways to fix the problem. The most recent pointed to a 30 per cent hike in premiums – something the current government has rejected.

Others people are renewing calls for no-fault insurance or a return to privatization.

Whatever the answer it better come quickly. While politicians argue and fingers point, ICBC sinks further into debt.

Greg Knill, Chilliwack Progress

Just Posted

Air quality advisory continues in the Lower Mainland

Smoke from Interior fires brings fine particulate

Blue bags are out for curbside recyling and blue bins are in

Use your own bin or the one the city gave you, but no more bags, please, except for shredding

Fraser Valley fire departments form ‘strike teams’ to combat wildfires

Boston Bar, Chilliwack River Valley and Popkum departments form strike teams to fight wildfires

RCMP nab prolific car thief in Agassiz after month-long search

A province-wide warrant was issued for Brian Robert Stephan in June for a litany of offences

Traffic snarls at Agassiz/Harrison bridge after biker falls on road

A road bicyclist fell from his bike while crossing the bridge and needed medical attention

‘We will not forget:’ Thousands attend funeral fallen Fredericton officers

Hundreds of officials marched in the parade, which included massed band, several police motorcycles

Smoky skies like a disappearing act for sights, monuments around B.C.

Haze expected to last the next several days, Environment Canada said

Canadians react to death of former UN secretary-general Kofi Annan at age 80

Nobel Peace Prize-winning former UN leader died early Saturday following a short illness

44 drownings so far this year in B.C.

Lifesaving Society urging caution to prevent deaths while on lakes, oceans and in pools

Some of B.C.’s air quality levels worse than Jodhpur, India

Okanagan, northern B.C. seeing some of the worst air quality globally

VIDEO: Ground crews keep a close eye on largest B.C. wildfire

Originally estimated to be 79,192 hectares, officials said more accurate mapping shows smaller size

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

Canadians believe in immigration but concerned about asylum seekers: study

Immigration, Refugees and Citizenship Canada paid for study to understand Canadian attitudes

These are the highest-paid actresses of 2018

In its list released this week Forbes said all 10 earned a total of $186 million before tax

Most Read