The BC NDP recently revealed ICBC documents that show that the public insurer’s unpaid insurance claims have nearly doubled over the past five years; the political party also warned that these unpaid claims could lead to a rate increase for B.C. residents.
The documents show the details of ICBC’s first fiscal quarter for 2016—while there was an increase in claims and money spent in court, revenue fell for the company for that period.
"ICBC analysis shows that this would increase rates for rate payers by half a billion dollars," said Adrian Dix of the BC NDP. "If any company in the private sector came through with these kind of results, everybody involved would be worried."
ICBC’s fiscal report also noted that the number of claims have skyrocketed, from an average of about 20,000 a year five years ago, to roughly 30,000 a year currently.
CBC News reported that ICBC is in the process of hiring new claims staff to handle the surge in claims. Reportedly, the increase in claims is due to fraud.
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