ICBC has posted a net loss of 582 million dollars for the first six months of its fiscal year.

According to the Corporation, the number of claims being filed, and the cost of both injury and vehicle damage claims have been escalating in recent years and that’s affecting the bottom line.

The province and ICBC are in the midst of modernizing the Corporation’s 30 year-old insurance system to ensure all drivers pay premiums which more accurately reflect the risk they represent on the road.

The next basic rate application for ICBC is due to be filed with the British Columbia Utilities Commission by December 15th.