ICBC seeks another rate hike

By Bill O'Donovan
October 16, 2015 - 6:48pm

Vehicle owners in BC could see another insurance rate hike. ICBC is seeking a 5.5 percent increase.

ICBC justifies its latest rate increase request citing higher injury claims costs, which topped 2-billion dollars in 2014. The minister responsible for ICBC, Todd Stone, says this has resulted in the corporation facing serious cost pressures.

Critics say insurance rates would not be increasing every year if the government wasn't drawing a yearly multi-million dollar dividend from the corporation. Stone says that money helps fund other ministry spending.

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