Paramedics at a crash scene near Penticton Nov. 18. Bodily injury claims have been increasing in recent years.

ICBC to seek 2012 rate increase

ICBC is applying for a basic insurance rate increase, as bodily injury claims increase.

The Insurance Corp. of B.C. has announced it is applying for an increase to its mandatory basic vehicle insurance for 2012 to help cover an increase in claims and a decline in investment income.

ICBC president Jon Schubert said Tuesday the corporation’s bodily injury claims have jumped, contributing to a $200 million increase in overall claims in the first nine months of 2011. Annual bodily injury claims have climbed by $350 million in the past five years, and are expected to reach $1.7 billion this year.

“We have not increased our rates since 2007 and there have been a number of rate decreases during that time,” Schubert said.

ICBC reported net income for the first nine months of the year of $52 million, down from $331 million in the same period in 2010. Despite that, its rate change application to the B.C. Utilities Commission will seek to decrease rates on its optional coverage, where it faces competition from private insurance companies.

Finance Minister Kevin Falcon cited ICBC’s revenue decline as the biggest factor in the B.C. government’s worsening deficit position. Quarterly results for the provincial treasury show a projected deficit of $3.1 billion for the year ending in March, up $313 million from the July estimate.

Falcon said insurance companies around the world have seen investment income fall off with the continued economic slump in the United States and instability in Europe. Schubert said most of ICBC’s investments have been moved into short-term bonds in response to the volatility of financial markets.

Just Posted

Surrey’s Heritage Rail to celebrate first responders on Canada Day weekend

Cloverdale fire hall will be honoured in ceremony, first responders to receive free train ticket

‘Chest Air’ show in Surrey for storyteller/author Ivan Coyote, prior to city’s Pride festival

‘I want to stop the gerbil wheel a little bit,’ says award-winning artist, who has moved back to Yukon

Threats charge against Surrey’s Jaspal Atwal stayed

Atwal, 64, was at centre of controversy in 2018 over his attendance at prime minister’s reception in India

South Asian Mental Health Alliance receives $112K to train 100 ‘youth ambassadors’

The first batch of 25 youth will begin training in Surrey next week

Delta police donate recovered bikes back to the community

18 bikes were donated to R.E.C. for Kids, a non-profit that provides sports equipment to kids in need

PHOTOS: Elusive ‘ghost whale’ surfaces near Campbell River

Ecotourism operator captures images of the rare white orca

Victoria mom describes finding son ‘gone’ on first day of coroners inquest into overdose death

Resulting recommendations could change handling of youth records amidst the overdose crisis

Dash-cam video in trial of accused cop killer shows man with a gun

Footage is shown at trial of Oscar Arfmann, charged with killing Const. John Davidson of Abbotsford

Suicide confirmed in case of B.C. father who’d been missing for months

2018 disappearance sparked massive search for Ben Kilmer

Eight U.S. senators write to John Horgan over B.C. mining pollution

The dispute stems from Teck Resources’ coal mines in B.C.’s Elk Valley

Dinosaur statues from defunct Dinotown theme park stolen in Chilliwack

The dinosaur figures once graced the theme park but were destined for Chilliwack fundraiser

Langley’s oldest and last strip bar shuts its doors

The Alder Inn, in operation since 1957, has reportedly been purchased

Otters devour 150 trout at Kootenay hatchery

The hatchery has lost close to 150 fish in the past several months

Update: Show of support after pride flag was taken down by Township of Langley

Township statement said flag was removed due to “confusion” about whether it was on private property

Most Read