B.C.: Unpaid ICBC Claims Could Lead to Increase in Rates

Update:

The latest figures from ICBC show an increase in unpaid claims.
The latest figures from ICBC show an increase in unpaid claims. (CBC)

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Crown corporation says it’s hiring new staff to deal with increase in claims

ICBC documents released by the B.C. NDP show its unpaid insurance claims have nearly doubled over the last five years, which the political party says could lead to a rate increase for B.C. residents.

Results from the Crown corporation’s first fiscal quarter of 2016 show an increase in claims and money spent in court, but a decrease in revenue.

British Columbians could see a spike in insurance costs under the ICBC, due to unpaid claims. photo by fightyourtickets.ca
British Columbians could see a spike in insurance costs under the ICBC, due to unpaid claims. photo by fightyourtickets.ca

“ICBC analysis shows that this would increase rates for rate payers by half a billion dollars,” said Adrian Dix, the B.C. NDP’s critic for the insurance corporation.

“If any company in the private sector came through with these kind of results, everybody involved would be worried,” he added.

Numbers from the public insurer show claims have shot up from an average of around 20,000 a year five years ago to 30,000 a year now.

ICBC says it’s in the midst of hiring new claims staff to deal with the challenge. It said the increase in claims is because of fraud.

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