British Columbia’s public auto insurer has driven over a financial cliff and the damage is far worse than anyone had feared or predicted.
On Monday, ICBC will announce a staggering projected operating loss of $1.3 billion for the current fiscal year.
That’s more than $1 billion higher than projected just three months ago.
The financial hemorrhaging — the Insurance Corp. of B.C. is losing $3.5 million a day — could force massive premium hikes on B.C. drivers, and possibly tilt next month’s balanced provincial budget into a deficit.
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