home Stock B.C.’s public auto insurer posts $935 million in net losses in first nine months of fiscal year

B.C.’s public auto insurer posts $935 million in net losses in first nine months of fiscal year

Damaged vehicles are seen at the Insurance Corporation of British Columbia's Lower Mainland Salvage Yard, in New Westminster, B.C.Darryl Dyck/The Canadian Press

VANCOUVER — British Columbia’s public auto insurer is projecting $1.3 billion in net losses by the end of the current fiscal year.

The Insurance Corporation of B.C. says the “sizeable and significant loss” is evidence of the growing financial pressures that came from a rapid increase in the number of collisions in the province, and the rising costs of those claims.

It says the number of claims filed is increasing by thousands every year, with the cost of injury claims closing in on $3 billion annually.