By Chad Klassen

Eby reassures drivers NDP government will keep rate increases to a minimum

Nov 17, 2017 | 2:38 PM

KAMLOOPS — While in Kamloops on Friday, Attorney General David Eby addressed ICBC after he said earlier this week that the crown corporation in nearly $1 billion in debt, not $11 million, as the Liberals noted.

Eby, as the minster responsible for ICBC, announced a 6.4% rate increase in September that will come into effect next year. Eby said on Friday it is a relatively low rate hike given the financial disaster he says ICBC is currently in.

“That’s a 9,000% increase. Obviously ICBC is in real trouble,” said Eby, noting the more than $900 million debt it’s facing. “We’re going to need some very significant reforms to get it back on track. We’re working on those right now. There are some very good opportunities for us to deal with autobody repair costs and legal costs.”

Eby noted ICBC is expected to lose another $500 million dollars this year and it will take years to get the corporation back on track financially.

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However, he reassured drivers during his visit to Kamloops that he won’t be jacking up the rates past the projected 6-point-4 basic rate jump.  

“Beyond that rate increase, we don’t think we can continue to go back to British Columbians with rate increases,” he said. “We think that insurance is already quite expensive for many families. That’s why we have to do the reforms to ICBC to get the costs under control.”