TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has released a comprehensive Report on the review of the Motor Vehicle Personal Injury Protection (PIP) Insurance data call as required by House Bill 119, which passed in 2012. The Report provides data to help evaluate market conditions relating to the Florida Motor Vehicle No-Fault Law and the impact on the market from reforms made as a result of this law.
The findings showed a general decrease in the per claim costs and the overall number of claims (frequency and severity) for PIP since the implementation of HB 119 on January 1, 2013. The regional analysis concludes that South Florida and the Tampa/St. Petersburg regions experienced the most significant decreases in Florida. However, the data also exposed that other coverages, such as Bodily Injury (BI) and Uninsured Motorists (UM), experienced increases in both frequency and severity when some benefits covered under PIP moved to these coverages. These trends are expected to continue over the next year.
Entire Press Release .pdf | Florida Office of Insurance Regulation