[RRxtar]

Figures released by Attorney General David Eby, Friday, show losses continue at the Crown insurer – and were larger than anticipated for the second quarter.

"For too long, financial problems at ICBC were ignored and hidden from the public, resulting in a $1.3-billion net loss in 2017-18. Unfortunately, ICBC's second-quarter results for 2018-19 show that its financial position remains serious, and ICBC is now forecasting a larger-than-expected loss of $890 million this fiscal year," Eby said in a press release.

"This financial situation reflects the mounting pressure ICBC is under from the rising number and cost of claims. The primary reasons are higher bodily injury costs, as well as claims taking longer to resolve, which often result in higher claims costs."

Eby, who after taking office called ICBC's situation a "dumpster fire," said a key driver of increased costs is a growing trend toward lawyers "strategically building the value of the claim."

"These trends are becoming more severe. Since March 2017, the dollar value of settlements demanded by plaintiff lawyers for litigated files increased by 27 per cent. The average cost of closed litigated injury claims for the first six months of ICBC's fiscal year rose from $100,427 in 2017 to $121,686 in 2018, a 21 per cent increase."

Eby said government is looking for ways to accelerate efforts to solve the financial problems at ICBC.

Changes announced earlier this year should produce savings of $1 billion annually, he predicts. However, most those won't take effect until April 1.

"It is now clear that this government needs to look for even more ways – beyond what is already planned – to further reduce the escalating cost of claims," he said.

Well well. A year after simply blaming the Liberals for the icbc issue, the ndp is now admitting that the problem actually is tied to claims