Public auto insurer projected to lose $890 million this year following a loss of $1.3 billion in 2017.
The Insurance Corporation of B.C. will submit its application for the rate hike to the B.C. Utilities Commission and if approved, the new rate would come into effect April 1, 2019 and will mean an average increase of $60 a year.
In an attempt to stem the losses, the province has already rolled out a list of reforms including higher fines for repeat bad drivers, an independent dispute resolution system and a $5,500 limit on payouts for minor injuries.