The president and CEO of ICBC says he “can’t wait” for April 1.

Nicolas Jimenez says every crash after that date will be dealt with under the new system, which the Crown corporation expects will save it $1 billion dollars per year.

But Jimenez says there are still 110,000 open injury claims which will be sorted out under the old system.

“That’s valued at around $7 billion dollars, that’s a ‘B,’ billions. And all those claims are going to settle in the old world,” Jimenez says, while speaking on the NL Morning Show.

“While we’ve got a really bright light shining on April 1st, we’ve still got a big problem that we need to deal with which is running off this 11,000 open-book claims. So we’ve got to bring more to bear in order to contain these costs… What we’re seeing is more change is needed because these pressures are unprecedented.”

ICBC is on pace to lose $1.18 billion dollars in its current fiscal year which ends on March 31, which comes after a $1.3-billion-dollar deficit suffered a year earlier.