ICBC expected to lose $890M this year

[logicbomb]

https://www.cbc.ca/news/canada/briti...year-1.4918548

B.C.'s public auto insurer is facing bigger than expected financial losses this year, and Attorney General David Eby warns the government will need to make even more changes to how ICBC operates.

Eby said second quarter results for the 2018-2019 financial year suggest ICBC is set to lose $890 million this year, following a $1.3-billion net loss in 2017-2018.

"It is now clear that this government needs to look for even more ways — beyond what is already planned — to further reduce the escalating cost of claims," Eby said in a news release.

I have had numerous discussions with internal employees and they echo a common sentiment. Most injury claims are bogus and fraudulent plus you are seeing the increase in many staged/intentional collisions. These employees all suspect this on their day-to-day work but lack any sort of resources and time to really investigate due to the shear number of claims.

The payout for minor soft tissue injuries is insane. A colleague I know got into a minor fender bender at 5km/hr and gets 55k for whiplash and apparent leg discomfort.

A major issue not even being discussed in any article is the number of licenses being illegally obtained and the increase in the number of unlicensed drivers in the city. Second hand source, but drivers licensing fraud has dramatically risen the past 3 years.

ICBC's days are very well numbered. A public insurance company with a tort system no longer works. It's time to move to a no fault system and privatize this entity asap.