OIR Releases Report on 2011 PIP Data Call
The Office of Insurance Regulation has issued a document called “Report on Review of the 2011 Personal Injury Protection Data Call.”
The OIR recently issued a report compiling the results from its recent voluntary data call from insurers writing personal auto line of business. Thirty one companies responded representing more than 80% of the market. In addition to reviewing the data from the call, the report also compiles data from insurance company annual reports, Fast Track Monitoring System Data and Department of Highway Safety Data. Not surprisingly the data shows the cost of PIP claims rising dramatically over the period beginning in 2006 and ending in 2010, with the last two years being especially bad. Combined loss ratios have gone from the mid 90% to more than 115%. Frequency of PIP claims have climbed dramatically even though overall crashes reported by Highway Safety are down. Most who write in this line will not be surprised to hear that Tampa has become the new “staged crash” capital of the state.