ICBC is on track to lose 1.18 billion dollars across the 2018-19 fiscal year, following a 1.3 billion dollar lost last year.
In their third quarter report, the Corporation recorded a loss of 860 million dollars over 9 months.
That loss is more than 270 million higher than projected.
Attorney General David Eby says the losses will continue to pile up until April 1st, when new reforms kick in.
Until then, Eby estimates personally injury claims costs alone at 3.7 billion.
Eby’s reforms are expected to save ICBC more than 1 billion dollars per year, but the Attorney General says they should have been enacted years ago.
