ICBC a "dumpster fire"

Date: 4 MAR 2018posted by Car Rentaledited by WinX

They're isolating it from BC Hydro, BC Lottery and the BC Liquor branch. By "they" I mean the NDP, and by "it" I am referring to ICBC. While the new government is re-formatting the books and trying to fix the problems from the previous problems. Attorney General David Eby wants as what he described as the ICBC "dumpster fire" to glow by itself and for all to see. And while they are combating the problem and putting out the fire with insurance policy changes announced this year, but not before they've had a chance to let everyone know what incompetence their predecessors had. A redesign of the ledger shows how apparent the ICBC problem is. A few pages in, there's a rundown of Crown corporation performances that comes with phrase "excluding ICBC."

BC Hydro, BC Lottery and the BC Liquor branch have been massive money makers for the government. The new format projects the BC surplus this coming fiscal year to be $903 million. However, the "ICBC impact" drives the surplus to just $219 million. There are also accounting reasons to break out the ICBC impact separately. But the political effect will be welcomed by the NDP since it itemizes a cost that can squarely be blamed on the previous government. The three-year plan shows two more years of ICBC losing in the $800-900 million range before gradually mitigated by the insurance-coverage restrictions that will be taking into effect. It is an extreme contrast to the last Liberal budget where former finance minister Mike de Jong didn't even address the "ICBC impact" till about 10 pages in and even then there was just a reassuring reference to "lower losses expected at ICBC." However, while at a fundamentally level the increase in road accidents started eight years ago. And while all the political maneuvering is about ICBC, the problem won't go away unless there are changes made on the road itself.

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