ICBC has announced it's cutting its yearly advertising budget by half and redirecting those funds to road safety enforcement around the province.

That will add $2.4 million to traffic units within the RCMP and municipal police forces, according to a statement released Tuesday.

"ICBC is facing significant cost pressures that really start from one place — crashes," ICBC CEO Nicolas Jimenez said in the statement.

"With crashes at an all-time high in our province, we're committed to doing what we can to reduce claims costs and relieve the pressure on insurance rates."

A Vancouver police officer pulls over a vehicle at the foot of the Granville Street in 2017. ICBC announced Tuesday it will spend more on traffic units within local police forces in B.C. (Gian-Paolo Mendoza/CBC)

Last year, there were a record number of crashes in B.C. — 350,000 or about 960 every day.

The budget change brings ICBC's total annual investment in traffic safety enforcement to $24.8 million.

On Friday, B.C. Attorney General David Eby said the province's public auto insurer is facing a financial loss of $890 million this year.

That follows a $1.3-billion loss in 2017-2018.

"It is now clear that this government needs to look for even more ways — beyond what is already planned — to further reduce the escalating cost of claims," Eby said Friday.