As ICBC’s raises rates again in an effort to stop the financial bleeding, which has the crown corporation poised to lose almost another billion dollars this year, at least one expert has some questions.

Richard McCandless, a former deputy minister, and ICBC expert says as the utility makes major changes to how it offers insurance it is not backing up claims of massive savings with any information.

He says ICBC “hates being accountable” and is reluctant to release any detailed information to back up their claims of cost savings from a major overhaul this year.

“Are the changes going to be enough? Are they going to fix the problem? We don’t really know.”

McCandless says the other question mark is on capping pain and suffering pay outs.

“Is that going to be enough or are we going to have to in B.C. go to the full no fault as they have done in Saskatchewan, Manitoba, and Quebec. There rates are much lower and much more stable.”

McCandless says privatizing is not the answer.

“What these folks want, and it is the Insurance Bureau of Canada that is the spokesman for private insurers, they would just like access to issue basic insurance policies. They claim it is going to save money but the only way it is going to save money but the only way it is going to save money is if you cut the coverage. They are quite happy to do that. They will sell you cut rate policies. That is not the answer. Saskatchewan and Manitoba are owned by the government, the people, and they have the lowest rates in Canada.”

What is he looking for as signs ICBC is actually turning it around?

“Getting the costs per claim and the average costs down and rebuilding those capital reserves. Currently there is no plan to rebuild those reserves.”

McCandless says with no capital reserves it raises the risk of taxpayers having to bail ICBC out.