A BC attorney general has raised concerns that the province’s personal injury lawyers have been spending a lot on advertising as the Insurance Corporation of British Columbia (ICBC) continues to languish under financial pressure.
“In the last year alone, I’ve seen information that advertising by lawyers is up 50%,” attorney general David Eby told the media, citing figures from American analytics firm Market Track. “These are not sustainable trends… these are overhead costs that come ultimately from drivers who pay their insurance and we need to address these trends.”
Eby added that ICBC’s ratepayers will ultimately be on the hook for the increased ad expenditure, especially with the insurer set to lose $1.3 billion this year.
According to Market Track, advertising spending by personal injury law firms had increased from $1.51 million in 2016 to $2.36 million in 2017 – representing a 56% jump.
The statement comes after the provincial government made several reforms this week, CTV News reported. The reforms would introduce a $5,500 cap on minor injury claims and rule that insurance disputes worth less than $50,000 would be handled by the Civil Resolution Tribunal.
