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

Eight Surrey groups to share $375K in grant money

The not-for-profit groups focus on public safety and the environment

GoFundMe started for young Surrey father with brain cancer

Campaign aims to raise $10,000 to help with treatment costs for Tyler Duquette

Surrey mayor the lone vote against regional business licensing for ride hailing

Metro Vancouver mayors have voted to fast-track regional licensing in early 2020

Music Lottery concerts follow cancelled Cloverdale series at Shannon Hall

Rebranded effort ‘a fundraising program that supports venues and the musicians that play in them’

Surrey Liberal MPs pay tribute to Andrew Scheer

Scheer announced Thursday he will resign as leader of the Conservative Party of Canada

MAP: Christmas light displays in Surrey and beyond

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

B.C. SPCA seizes dogs chained up outside among scrap metal, garbage

Shepherd-breed dogs were living in ‘deplorable conditions.’

B.C. plane crash victim identified; witnesses describe ‘explosion’

He was a flight instructor, charter pilot and owned an airstrip before leaving Alberta

BC Hydro offers tips as collisions with power poles increase

Region with the largest spike in collisions was the Lower Mainland at 16 per cent

Canadian airline passengers to be eligible for $1,000 in compensation for delayed flights

Passengers can also receive compensation for overbooking, lost luggage and other inconveniences

Second snowfall warning issued for Coquihalla Highway

Another 20 cm of snow is expected to fall by early Friday

FVRD emergency plan only ‘partially meeting’ expectations, says auditor

Regional district says they are already working on shortfalls in emergency management

RCMP must bury three sex mannequins found in Manning Park

Police tasked with ensuring the mannequins were completely disposed of

B.C. seniors need better vaccine protection, advocate says

Home support down, day programs up in annual rating

Most Read