ICBC rate hike approved

A proposed hike to ICBC's basic insurance rates has been approved on an interim basis, and is scheduled to take effect in less than three months.

The British Columbia Utilities Commission has given interim approval for a 6.3 per cent increase in basic auto insurance rates.

ICBC applied for the increase in December while B.C. Attorney General David Eby continues to address ICBC's financial losses.

During the last fiscal year, ICBC lost $1.3 billion.

As of April 1, all new and renewal policies will be subject to the rate hike.

Rates will increase by an average of nearly $60, the corporation estimates.

A BCUC panel will make a final decision as to whether or not the rate hikes will become permanent.

Johanna Konta causes surprise by defeating Sloane Stephens in Brisbane
Kyrgios fired down 44 aces and Harrison 27, with the Australian just able to shade Harrison in the third set tiebreak. Konta plummeted down the rankings last season but started 2019 with a 6-4 6-3 defeat of third seed Stephens.

The provincial government is in the midst of an overhaul at ICBC.

As part of approving the rate increase on an interim basis, the BCUC has established a public review process to seek feedback on ICBC's application.

In January, Eby warned drastic changes would be necessary.

Since 2014, injury claims costs have increased by 43 per cent to a projected total of $3.67 billion in 2018, while vehicle damage costs have increased by 50 per cent to a projected total of $1.63 billion, according to ICBC.

The B.C. government has brought in some changes to reform ICBC, including a $5,500 limit on payouts for minor injuries, higher fines for repeat bad drivers and an independent dispute resolution system.

The BCUC panel has opened the door for public consultations.

Comments and opinions can also be submitted online.

Recommended News

  • Netflix begs Bird Box fans: Don't try this at home

    Netflix begs Bird Box fans: Don't try this at home

    Chrissy Teigen couldn't help but tease her pal Kim Kardashian over her latest tweet about Netflix's movie " Bird Box ". Netflix is now begging people not to do the Bird Box Challenge .
    Venus Williams downs Azarenka in a classic clash — WTA Auckland

    Venus Williams downs Azarenka in a classic clash — WTA Auckland

    The 2 hour, 10 minute marathon was packed with power and precision, and in the end Azarenka's nine aces were not enough. It was Williams' first goal of 2019 simply to reach to the second round. " I didn't take my opportunities ", she said.
    ‘Just went haywire’: Teen fighting mystery medical condition after cruise with family

    ‘Just went haywire’: Teen fighting mystery medical condition after cruise with family

    It's a hard reality to accept for a young woman just starting out her life, her mom told Fox4. 'She won't get a chance to drive. Two weeks before Christmas, 16 months after her initial ordeal, Jordyn's medical mystery returned with a vengeance.
  • The UK games market is now bigger than video and music combined

    The UK games market is now bigger than video and music combined

    The figures showed a 2.8pc shrinkage in physical unit sales compared to a "modest" 12.5pc growth in digital. It now makes gaming a larger market than video and music combined for the first time ever.
    Here's What's Coming to Xbox Game Pass in January

    Here's What's Coming to Xbox Game Pass in January

    Rounding off this months' update are Aftercharge , an online co-op shooter, and Absolver , a martial arts -focussed action-RPG. It's time to live out your dream as a farmer, but without that whole, getting dirt under your fingernails business.
    Emery pushing to complete deal to sign Keylor Navas

    Emery pushing to complete deal to sign Keylor Navas

    The unwanted defensive record has reportedly forced Emery into making bids for some wonderful defenders, including a goalkeeper. The club spent £19.6m on German Leno from Bayer Leverkusen in the summer and he had to bide his time to get the nod over Cech.
  • Google's Fuchsia OS will be able to run Android apps

    Google's Fuchsia OS will be able to run Android apps

    Based on what we know about it thus far, Fuchsia will be able to run on PCs, phones and tablets and could eventually supplant Android and Chrome OS.
    Proteas win toss and put Pakistan into bat

    Proteas win toss and put Pakistan into bat

    The live action of SA vs PAK 2nd Test Day 1 will begin at 02:00 p.m (IST) with toss at 01:30 p.m. SuperSport Live will also provide the online streaming of the series on the app and website.
    Hackers hold 9/11 insurers to ransom

    Hackers hold 9/11 insurers to ransom

    The information will tell the actual story of everything that happened on this fateful date in recent history. This is also assuming that the group really has everything it says it does, which isn't guaranteed.
  • GM hit 200,000 U.S. electric vehicles sold in 2018

    GM hit 200,000 U.S. electric vehicles sold in 2018

    So while electric vehicles are certainly taking off, the most immediate result might be that they get a little tougher to buy. GM declined to comment to both Roadshow and Reuters because its quarterly sales figures will be released on Thursday.
    House Dems Fight Over Pay-Go Rule Changes

    House Dems Fight Over Pay-Go Rule Changes

    The rules package also would remove term limits from committee chairmanships and establish a climate-change committee. The PAYGO rules date back almost 30 years, to Congress' initial attempts to rein in the budget deficits of the 1980s.
    A dosa named after Deepika Padukone at a restaurant in Texas!

    A dosa named after Deepika Padukone at a restaurant in Texas!

    Ranveer Singh and Deepika Padukone have flown off to an unknown destination to kick-start their New Year. Deepika Padukone and Ranveer Singh photographed at their reception in Bengaluru.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.