ICBC seeks hike

Spike in the number and value of claims cited as a reason for request

The Insurance Corp. of B.C. is applying for an increase to its mandatory basic vehicle insurance for 2012 to help cover an increase in claims and a decline in investment income.

ICBC president Jon Schubert said the corporation’s bodily injury claims have jumped, contributing to a $200 million increase in overall claims in the first nine months of 2011.