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HomeNewsICBC Deficit Addressed At Latest Liberal Leadership Debate

ICBC Deficit Addressed At Latest Liberal Leadership Debate

The BC Liberal Leadership Candidates are playing the blame game when it comes to the almost $1 billion ICBC deficit.

During Sundays debate, former Transportation Minister Todd Stone was asked why he couldn’t prevent the massive debt ICBC is in.

He responded by saying none of this should come as a surprise.

“ICBC has very significant headwinds coming at it and it has for a number of years. I said earlier crashes are up 23 per cent, no one talks about that. Injury claims cost are up 16 per cent. Vehicle damage cost are up 15 per cent.”

When in office we did put pressure on ICBC rates and made plans the NDP government has ignored said Stone.

“There is more that needs to be done, it was all detailed in an independent third party report that I commissioned just before the last election it was sitting on David Ebys desk and he has chosen not to enact anything in there and instead the very first action of the NDP was to raise rates by 8 per cent.”

The NDP government says it’s predicting another $500 million loss, despite a 6.4 per cent rate hike on basic coverage.

In Canada BC drivers pay the highest when it comes to insurance premiums, and it’s expected to rise even more to make up for expenses.

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