Attorney General David Eby expected to speak to media about ICBC's devastating financial picture

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      ICBC is forecasting a $1.3-billion loss by the end of its fiscal year on March 31.

      Later this morning, the minister responsible for the Crown insurer, Attorney General David Eby, is expected to speak to the media about measures that could be taken to address this situation.

      ICBC has reported a $935-million net loss through the third quarter, which is more than $400 million higher than its operating shortfall over the same period in the last fiscal year.

      "In recent months, we have seen the emergence of many more, large and extremely costly claims which run into hundreds of thousands of dollars each," ICBC stated on its website. "In particular, older claims—some dating as far back as 2010—which were initially presented as minor injury claims have since emerged as more complex and costly, large loss claims.

      "Over the past 12 months, we have experienced an unprecedented 80 per cent growth in large loss claims which have an average cost of $450,000 per claim," the insurance company added.

      Injury claims costs are approaching $3 billion per year and the number of crashes continues rising each year, according to ICBC.

      "ICBC’s net claims costs for the first nine months of our current fiscal year totalled $4.25 billion," ICBC revealed. "Simply put, the amount of premiums we are collecting from customers is not covering the ever-increasing amounts we are paying out in claims costs. This is not sustainable."