By: Luke Jones, Published on April 27, 2018 06:48 PM, Last Update on April 27, 2018 03:51 PM
David Eby, the Attorney General of British Columbia says he is concerned personal injury lawyers in the province have been spending too much on advertising while the Insurance Corporation of British Columbia (ICBC) is locked in a financial crisis.
“In the last year alone, I’ve seen information that advertising by lawyers is up 50%,” attorney general David Eby told the media, pointing to data from analytics firm Market Track. “These are not sustainable trends… these are overhead costs that come ultimately from drivers who pay their insurance and we need to address these trends.”
Eby says the ICBC will have to pick up the cost of the ad purchases, something that will further cripple the public insurer. Market Track reports advertising by personal injury law firms in British Columbia increased to $2.36 million in 2017, compared to $1.51 million in 2016. That increase is a 56% rise.
Eby says the new reforms coming to the Insurance Corporation of British Columbia (ICBC) will finally help the struggling public insurer turn a corner and recover from its financial mire.
The British Columbia (B.C.) government to push through its legislation for a $5,000 cap on general damages for minor injury from auto accidents. Earlier this year, the government in B.C. proposed the cap and has now said it will be passed and effective from April 1, 2019.