Results of Florida Office of Insurance Regulation Personal Injury Protection (PIP) 2011 Data Call Released Today, April 11
Apr 11, 2011
Pursuant to Section 624.316, Florida Statutes, the Florida Office of Insurance Regulation (“OIR”) recently gathered data from insurers writing personal auto lines of business in the State. The requested data, which is compiled in the attached report issued by the OIR today, April 11, 2011, focuses on Personal Injury Protection (“PIP”) claims associated with policies bearing a Florida PIP endorsement.
Since the 2007 reenactment of Florida’s No-Fault system, anecdotal data, as well as insurers’ own experience, has demonstrated a significant uptick in the claim experience of PIP coverage provided under the No-Fault system. According to the OIR, many large insurers have found it necessary to file average statewide rate increases for PIP coverage that exceed 10 percent per year in the last couple of years.
Thirty-one companies participated in the recent PIP data call, which covered a scope period from 2006 to 2010. Twenty-five of respondent companies represent 80.1 percent of Florida’s market, based on 2009 Total Private Passenger Auto No-Fault Premiums reported to the National Association of Insurance Commissioners.
The report includes statewide and regional statistics, supplemental carrier data, fraud and information on the number of Florida licensed drivers and corresponding number of accidents.
The OIR cautions that, although the report data was checked for data integrity, it has not been audited.
Should you have any questions or comments, please contact Colodny Fass.
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