The financial crisis at British Columbia's public auto insurer is deepening, as $1.3 billion in net losses are now projected by the end of the current fiscal year. $3B in claims annuallyThe cost of injury claims is closing in on $3 billion annually, ICBC said. The number of large loss claims, with an average payout of $450,000, has also spiked by 80 per cent in the last 12 months. ICBC said $935 million in net losses have already accumulated between April 1 and Dec. 31 last year, signalling that premiums are not covering payouts. "British Columbians need information that we can count on, not these seemingly out-of-nowhere catastrophic pronouncements from ICBC," Rice said.

Source: CBC News January 28, 2018 21:45 UTC