ICBC

[lesliepaul]

The only numbers being tossed around that I know are true is the $1.2 BILLION + or - syphoned off by the B.C. Liberals out of ICBC profit (or other words, our money used to pay out claims) in a very short period of time. These other numbers being tossed around about losses of $900 million or $1.3 billion, depending on which way the B.S. stench is blowing out of these lying politicians mouths I do not believe to be the ENTIRE TRUTH.

[Cactusflower]

The only numbers being tossed around that I know are true is the $1.2 BILLION + or - syphoned off by the B.C. Liberals out of ICBC profit (or other words, our money used to pay out claims) in a very short period of time. These other numbers being tossed around about losses of $900 million or $1.3 billion, depending on which way the B.S. stench is blowing out of these lying politicians mouths I do not believe to be the ENTIRE TRUTH.

The entire truth can be found in this Mike Smyth column: http://theprovince.com/news/bc-politics ... kes-feared

Be sure to read the related links at the bottom, and remember that those $450,000 claims go back as far as 2010.

[lesliepaul]

You have people on here that blame lawyers representing the injured parties for escalating claims. Firstly, I will tell you that if you have suffered a life-changing injury, you are ill-prepared to defend yourself against ICBC and their HIRED lawyers that are there to downplay any and all injuries you have suffered. In our family members case, they are over the 6 year mark when ICBC themselves knew at the 2 year point after the accident how serious the injury was. A lawyer was hired with a month to go on the ICBC time limits. So, who is dragging this out..........ICBC. I will also add that many calls from ICBC indicated that they could "only go to X $ amount" and the kicker......the ICBC agent even told us to hire a lawyer.You add up how much was spent on Physiotherapists (ongoing), Chiropractor, Massage Therapist, Kinesiologist and specialists and tell the injured party.........."here's $7500".........I think not! Treatments can last for LIFE and Physiotherapy alone can total $5,000 per year. This is where the insurance WE ALL HAVE TO PAY comes into play. Maybe the complainers on here about "payouts", should themselves TELL ICBC that "no matter what ever happens to me or a member of my family, we do not want you to pay any of our medical expenses as a result of ANY accident".........maybe you can get a discount!

I do not EVER want to have to use any insurance that I pay dearly for.........but when something devastating happens in ones life, I am sure glad we have it...........and this INCLUDES ICBC.

[alanjh595]

The entire truth can be found in this Mike Smyth column: http://theprovince.com/news/bc-politics ... kes-feared

Be sure to read the related links at the bottom, and remember that those $450,000 claims go back as far as 2010.

I read the article and this point says much about the reason for this loss. This is copied from that link above.

“While the rise in the number of claims and the associated costs are not new issues for ICBC, what has been unexpected is the degree of the cost escalation from these claims and the significant number of older claims — dating as far back as 2010 — that are now extremely costly.”

The ICBC board — chaired by former NDP finance minister Joy MacPhail

— got the bad news at a meeting on Thursday that a source described as a “shock-and-awe moment.”

The meeting was told many claims originally classified by ICBC as “minor” have emerged as more complex and costly files known as “large-loss claims,” a category that has grown 80 per cent in the past year, and which cost an average of $450,000 each to settle

The NDP may blame the Liberals and why not, they aren't here to protect themselves any more? The NDP's plan is already taking a hit for their proposed solution.

A source tells me the NDP government now feels it is forced to move forward with the cap on injury claims and several other “aggressive” moves to slow down ICBC’s financial losses.

The measures include a tougher crackdown on distracted driving, expanded red-light cameras at intersections, increased insurance premiums for bad drivers and new rules to prevent ICBC from getting ripped off by price-inflating auto-body repair shops.

The moves will be controversial, and have already sparked a backlash by personal-injury lawyers, who started a campaign to fight financial caps.

“ICBC wants a cap system to solve their financial woes, but punishing victims is not the answer,” says the R.O.A.D. (Rights Over Arbitrary Decisions) B.C. campaign.

[Merry]

whatever government is in power, they need to begin showing the books for what they are, and not play a shell game with public corporations.

If ICBC has too much cash on hand as they did at one point in time, then rather than taking money out for general revenue, they should reduce our rates for insurance, and jack up our taxes a bit to cover the lost income, but at least it would be a more transparent approach.

10/10

[Gone_Fishin]

The only numbers being tossed around that I know are true is the $1.2 BILLION + or - syphoned off by the B.C. Liberals out of ICBC profit (or other words, our money used to pay out claims) in a very short period of time. These other numbers being tossed around about losses of $900 million or $1.3 billion, depending on which way the B.S. stench is blowing out of these lying politicians mouths I do not believe to be the ENTIRE TRUTH.

What you don't understand is basic accounting. The dividends paid to government from a Crown Corporation do not flow to the bottom line of the income statement, and therefore do not affect the operating loss as reported. That operating loss has come while the NDP has mismanaged ICBC under their vile patronage appointment, Joy McFail.

In a few short months, the NDP has created a massive $935 million loss while trying to run a complex corporation that is far beyond the skillset of any of their union dorks or SJW clowns that they have in Caucus or jammed into patronage appointments. That is why the NDP is totally unfit to govern. They have no business acumen whatsoever, and we end up paying dearly for it.

[techrtr]

What a joke but it's not surprising when you see how people drive in this province. Everyone speeds, the number of people you still see playing with their phone while they're driving is scary. You rarely see any enforcement (although my wife did get nailed for speeding and doing an illegal U-turn on Glenmore Rd. a few months ago).

I've had a license for close to 40 years. I've never had an accident other than being rear-ended on Bernard Ave. back in the 80's. The other driver paid for that out of pocket. Drivers like me should be rewarded. The idiots like the one I saw doing about 100kph along Benvoulin this morning in his giant pickup should be paying much higher rates than everyone else.

At every intersection in Kelowna, it's taken for granted that at least one car will go through the red light. Install a red light camera at every major intersection. Bring back photo radar vans. People didn't like it, but everyone slowed down when they saw a vehicle parked at the side of the road. Don't speed if you don't want to get a ticket - simple as that. Some of the revenue from all of those tickets can go to pay for injury claims and the increasing costs of auto repair. As an added bonus, all of those idiots playing with their phones will be more likely to get nailed because they won't see the obvious van parked on the side of the road.

[the truth]

agree 100%

[falklandjack]

Just had a look at how much the 2 clowns that run ICBC and BC Hydro get paid. WOW! If anyone ran a private company into the ground like this, they would be fired! Why is it that the CEO's of these crown corp. are not held at least a little responsible for the mess that has happened under their watch? Why didn't they blow the whistle as to what the government was doing? If the Government is taking all the profits, why do we even need these guys? What did they do for that money?
Better to remain silent and collect big $$$.Unbelievable.
Open insurance to private providers. The lousey drivers will have to pay. Thats life

[the truth]

agree 100%

[Merry]

I've often thought that when things go wrong at a company (Public or Private) that the best folks to talk to regarding a solution are the ordinary workers - those on the front lines who can see what the problems are.

With that in mind, the following article quoting a retired ICBC worker provides some useful insight. It's a little out of date, but also a little prophetic in view of what we now know.
http://www.news1130.com/2017/11/12/reti ... -bankrupt/

The worker blames the previous Government for raiding ICBC's coffers to the point where they had insufficient capital reserves.
He also says it was a mistake to lay off 200 estimators and allow body shops to do their own estimates. And he recommends that ICBC follow the Saskatchewan model of offering optional "no fault" insurance to those who want lower rates (in Saskatchewan 97% of drivers choose this option).

Check the article for yourself; it's makes for a very interesting read.

[Glacier]

I was telling a friend about ICBC losing 3.5 million bucks per day yesterday, and he said, "and I know why! I got rear-ended last year, and ICBC gave me and my wife a massive settlement for minor body injuries that didn't even require any doctors. We basically had sore muscles that fully healed on their own within a week. I could not believe how much money they gave us!"

[Cactusflower]

Just had a look at how much the 2 clowns that run ICBC and BC Hydro get paid. WOW! If anyone ran a private company into the ground like this, they would be fired! Why is it that the CEO's of these crown corp. are not held at least a little responsible for the mess that has happened under their watch? Why didn't they blow the whistle as to what the government was doing? If the Government is taking all the profits, why do we even need these guys? What did they do for that money?
Better to remain silent and collect big $$$.Unbelievable.
Open insurance to private providers. The lousey drivers will have to pay. Thats life

We already have the option of private insurance, except for basic.

[Cactusflower]

I was telling a friend about ICBC losing 3.5 million bucks per day yesterday, and he said, "and I know why! I got rear-ended last year, and ICBC gave me and my wife a massive settlement for minor body injuries that didn't even require any doctors. We basically had sore muscles that fully healed on their own within a week. I could not believe how much money they gave us!"

Why didn't you blow the whistle on ICBC at the time?

[Glacier]

Why didn't you blow the whistle on ICBC at the time?

I don't follow. I only learned about it yesterday. What good would it be to blow the whistle? Who's actually going to listen?