Changes coming for B.C.’s public auto insurance agency amid financial losses

Changes coming for B.C.’s public auto insurance agency amid financial losses

VICTORIA — The British Columbia government will announce changes today to the province’s public auto insurer amid predictions the agency will lose $1.3 billion by the end of the fiscal year.

Insurance Corporation of B.C. chairwoman Joy MacPhail and Attorney General David Eby will hold a news conference in Victoria this morning to detail the changes.

In January, Eby described the crisis at the corporation as a “financial dumpster fire.”

He blamed the former Liberal government for ignoring warnings and recommendations made in a 2014 report and noted that before the last election, the Liberals said the losses would be $11 million.

The insurance corporation has already posted a net loss of $935 million in the first nine month of its fiscal year.

Eby has said the financial situation will have implications on the provincial budget.

The Canadian Press

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