Victoria – In the continuing saga of the ICBC “dumpster fire”, the rate hikes and the finger pointing over who did the most damage through mismanagement, comes a break for rate payers.
At least until February 2020.
David Eby, BC’s Attorney General, issued the following statement on ICBC (with the obligatory swipe at the past Liberal government:
“After years of the previous government’s mismanagement of ICBC, British Columbians are paying too much for car insurance. We have much work ahead to get these costs down for families.
“As a result, government has directed a delay in ICBC’s rate application until February in order to do the necessary financial analysis of two sets of planned reforms currently underway to help reduce costs, and by extension, car insurance rates.
“First, we are working on reforms to respond to a recent court decision striking our limit on expert reports and associated costs. Second, we are working on additional reforms in the tort system that will help to reduce costs and have a positive impact on any required rate changes.
“We will not ask ICBC to put forward a 2020 rate application based on an incomplete financial picture. Instead, we will wait until that work is complete to ensure any rate changes are based on the actual costs anticipated in the year ahead.”