|British Columbia's public auto insurer has driven over a financial cliff and the damage is far worse than anyone had predicted or feared. The financial crisis at British Columbia's public auto insurer ICBC is quickly deepening, with $1.3 billion in net losses projected by the end of the current fiscal year.|
The Insurance Corporation of B.C. said the "sizable and significant loss" is from a rapid increase in the number of collisions in the province, as well as the rising costs of those claims."The number of claims we are receiving is growing by thousands each year," the corporation said in a news release on Sunday. The cost of injury claims is closing in on $3 billion annually.