Car accident claim from ICBC higher by $100M in the previous year

Current report showed that there was an increase in car accident claims from Insurance Corp. of B.C. (ICBC) last year. It had increased by $100M compared to the previous year. These car accident claims are more for bodily injury claims and this was an increase by 5% on injury claims. A total of $200 M drop in the total income of ICBC was reflected since this increase in car insurance claims was partnered by $80M in car insurance premiums.

Adam Grossman, spokesman of ICBC said that though there was a dip in car insurance claims related to bodily injuries in the years 2006 to 2009 (being 45,100 in 2006 to 40,500), there was a significant increase in 2010 being 42,600.

Additionally, there was also an increase in the claim which was increased by 25% from 2006 to 2010. The alarming thing on this is that cost is increasing with the bodily claims also increasing on 2010. This was not the case for the previous years because there was only cost that is increasing while bodily claims are decreasing.

Currently, the reason for this increase was being studied by ICBC. Still, they assure that they have a strong financial position and stable standing so consumers need not to worry.


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Posted by on Apr 1 2011. Filed under Auto insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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