February 12, 2018 by The Canadian Press
The Insurance Corporation of BC announced two weeks ago that it’s headed toward a shortfall of more than a billion dollars by the time the current fiscal year ends.
Attorney General David Eby now says an independent review found operational changes, including how ICBC handles fraud, could generate 60 million dollars in potential savings.
Eby says the operational changes alone aren’t enough to make ICBC sustainable, but coupled with recently announced product reforms that will kick in next year, rates should remain affordable.
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This story was originally published by Canadian Insurance Top Broker.