By Greg Fry

ICBC Seeking Rate Hike

Dec 14, 2018 | 11:09 AM

VANCOUVER — ICBC is seeking a 6.3 per cent increase to basic insurance rates.

It will submit its basic rate application with the BC Utilities Commission later today.

ICBC says the necessary increase would have needed to be almost 40 per cent if not for the major reforms being introduced to B.C.’s auto insurance system.

The news comes as ICBC is projecting a net loss of $890 million for its current fiscal year.

The public auto insurer blames the needed hike on a record number of crashes taking place in B.C. along with the increase in claims volume and higher claim costs.

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If approved, the new basic insurance rate would be effective April 1 and will mean an average increase of around $60 for personal customers’ basic insurance coverage.