Taxes, taxes, taxes! Get ready to pay more in 2019

ICBC reported last week, that it has posted a net loss of $582 million for the first six months of the current fiscal year (April 1 to Sept. 30, 2018). According to a statement from the Crown insurer the loss is “reflective of the continued pressure ICBC is under from the rising number and cost of claims”. Attorney General David Eby went on to say that the primary reasons are higher bodily injury costs, as well as claims taking longer to resolve, which often result in higher claims costs. A key driver of these costs is a growing trend toward plaintiff lawyers strategically building the value of the claim – costs which have to be paid for by ICBC ratepayers.

The Canadian Taxpayers Federation has spoken out about their concern over the fact that these losses at ICBC will lead to more money out of the pockets of British Columbians, who already pay approximately $1700 a year for car insurance.

Guest: Kris Sims

BC Director of the Canadian Taxpayers Federation

ICBC reported last week, that it has posted a net loss of $582 million for the first six months of the current fiscal year (April 1 to Sept. 30, 2018). According to a statement from the Crown insurer the loss is “reflective of the continued pressure ICBC is under from the rising number and cost of claims”. Attorney General David Eby went on to say that the primary reasons are higher bodily injury costs, as well as claims taking longer to resolve, which often result in higher claims costs. A key driver of these costs is a growing trend toward plaintiff lawyers strategically building the value of the claim – costs which have to be paid for by ICBC ratepayers.

The Canadian Taxpayers Federation has spoken out about their concern over the fact that these losses at ICBC will lead to more money out of the pockets of British Columbians, who already pay approximately $1700 a year for car insurance.

Guest: Kris Sims

BC Director of the Canadian Taxpayers Federation