PCI Statement on OIR’s Final Actuarial Study on PIP Insurance

Tallahassee, Fla. – Today, the Florida Office of Insurance Regulation (OIR) released its final actuarial study on Personal Injury Protection (PIP) auto insurance. The following statement can be attributed to Logan McFaddin, regional manager for the Property Casualty Insurers Association of America (PCI).

“The actuarial study released today by OIR on PIP insurance is further proof that the 2012 PIP reforms from House Bill 119 continue to reduce fraud and abuse, while providing cost savings to Floridians.

“After suffering through years of rampant fraud and abuse, stakeholders took bold steps in 2012 to transform Florida’s auto system and enact auto insurance reforms intended to stop criminals and better protect Floridians from the damage caused by those focused on lining their pockets at the expense of consumers.

“While PCI and our members are still reviewing the results of the study, so far we are pleased with the results. Evidence shows PIP reforms enacted in 2012 continue to reduce fraud and abuse, protecting the hard earned premium dollars of the citizens of Florida. PCI and our members, however, are always willing to consider additional reforms to continue to reduce fraud and protect our policyholders.”

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PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.

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