VICTORIA, B.C. — ICBC today released its financial report for the first quarter ended Mar. 31, and again most of it was written with red ink.
A quarterly net loss of $30.4 million — which is actually an improvement compared to the $39.1-million loss for the same period in 2001 — was the primary statistic of note.
Total premiums earned increased by five per cent from $584 million to $614 million. As the year progresses, the effect of a rate increase averaging 7.4 per cent, which was announced last November, will become more apparent ICBC officials assure.
The number of basic insurance policies sold in the quarter decreased by 1.5 per cent when compared to 2001. Claims and related costs have increased by seven per cent over the same period last year, continuing the trend that manifested itself in the last half of 2001.
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