Experts, politicians say ICBC a wreck, no clear path to a lasting fix
VANCOUVER — British Columbia’s once-celebrated public auto insurer has become a financial train wreck, its critics say as studies into the beleaguered Crown corporation call for dramatic rate hikes and drastic structural changes to save it from ruin.
But while everyone appears to agree the system is broken, there is disagreement over how the Insurance Corporation of British Columbia went off the rails in the first place and what must be done to fix it.
The crisis at ICBC is shaping up to be the first major financial hurdle for B.C.’s new NDP government.
Attorney General David Eby, who is also the minister responsible for ICBC, blames the previous Liberal government for problems at the corporation.