ICBC records $582-million loss in first six months of fiscal year

    1 of 1 2 of 1

      Red ink continues to appear on the financial statements of the publicly owned auto insurer.

      ICBC has reported a net loss of $582 million in the first six months of this fiscal year from April 1 to September 30.

      Over the same period, net claims rose 26 percent over the same period last year, and have now topped $3 billion.

      It comes after a $1.3-billion loss last year.

      "There are no signs that the ongoing and increasing claims cost pressures ICBC is experiencing will abate without the major reform to the auto insurance product in British Columbia which government and ICBC are implementing," the provincial auto insurer stated on its website. "While our current financial pressures are clearly serious, they have been caused by an auto insurance system which has long been in need of substantial modernization—something that is now, at last, happening."