By Canadian Press

ICBC continues to lose money

Feb 7, 2019 | 3:23 PM

VANCOUVER — Our public auto insurer is heading for another billion-dollar loss.

Attorney General David Eby says the financial situation is critical after third-quarter results show a loss of $860 million and a predicted 1.18 million-dollar loss by the end of the year.

Eby blames the worsening financial situation on escalating legal costs for settling injury claims, which account for almost half the litigated settlements.

While major reforms will be implemented April 1st, he says the government will have to do even more and it will announce its plan to stem legal costs in the coming days.