ICBC Cost Cutting Plan Announced

The BC government has announced changes it says will reduce costs at the Insurance Corporation of BC by one billion dollars a year.

Attorney general David Eby says starting in April 1, 2019, the changes will include a new limit of $5,500 on pain and suffering for minor injury claims, and an independent dispute resolution process for certain motor vehicle injury claims.

“The savings from these initiatives will not only allow us to get ICBC’s finances back on track, to ensure lower insurance rates, but will allow us for the first time in 25 years to make major changes to ICBC’s accident benefits which will dramatically increase the care available for anyone injured in a crash,” Eby told a news conference in Victoria.

Eby says the changes will reduce ICBC spending on legal fees and expenses, which have grown to 24% of the budget.