What Dumpster Fire? ICBC Spokesman Says Corporation in Fine Financial Shape
Remember the Dumpster Fire? The powerful image painted by BC’s Attorney General used to persuade the public that it is necessary for the government to strip the rights of British Columbians in order to keep ICBC healthy? Turns out ICBC themselves say they are in fine financial shape and can meet all of their existing obligations without concern.
ICBC has Billions in assets. Billions. In addition to this, according to ICBC Spokesman Adam Grossman, ICBC is cash solvent and collects enough in premiums and investment income to meet their obligations.
The following quote was attributed to Grossman by the Vancouver Sun’s Rob Shaw:
““We disagree with Mr. McCandless’ position — ICBC is not insolvent….In addition to the reserves and portfolio referenced above, we are still generating sufficient cash flows from premium revenue and investment income, allowing us to meet our current obligations — this is the key point and we are not, therefore, being backstopped by government.”
Government has implemented a host of legal changes stripping the rights of British Columbians to douse the so-called dumpster fire. ICBC has not realized any savings yet from these changes as they largely have not kicked in yet. If ICBC can meet all current obligations why the “minor” injury caps? Why the discrimination to people suffering psychological disability? Why the forced tribunal and stripped judicial rights? Why the limit on expert witnesses plaintiffs can use when appearing in court? If there was no dumpster fire to put out it looks like British Columbians just got hosed.