We've long been critical of the need for a government-run car insurance monopoly in British Columbia. The Fraser Institute has proved that there is no savings to customers; in fact, drivers in provinces with private insurance save money compared to us poor ICBC-owned schmucks. Why? Competition, of course.

One of the last arguments in favour of keeping the 1970s, disco-era ICBC relic is that it's profitable and props up government general revenue. Ignoring the obvious fairness argument ("Why should drivers have to bail out other taxpayers?"), it seems ICBC isn't as profitable as it used to be.

Buried in Table A9 of the BC Budget documents (p. 124), is the Crown Corporations' annual net income from 2010 through 2019. ICBC is losing money this year - $125 million!

Why? We're not sure, but you can bet we're digging into it...