ICBC, the public auto insurer set to lose another billion dollars, has applied for its annual rate hike.
The maximum allowable rate hike is 7.9 per cent for basic auto insurance.
ICBC caps the annual hike at 1.5 percentage points above the previous year’s increase – 6.4 per cent.
ICBC reported last month that it has posted a net loss of $582 million for the first six months of the current fiscal year (April 1 to Sept. 30, 2018).
According to a statement from the Crown insurer the loss is “reflective of the continued pressure ICBC is under from the rising number and cost of claims.”