PIP Fraud Contributing to Insurer Rate Increase Filings, State Study Says

TAMPA, Fla.—Personal injury protection (PIP) insurance fraud in Florida is contributing “significantly” to recently filed rate increase requests as private insurers try to reduce fraud-related costs by tightening their underwriting requirements, according to a state study released April 11.

In a 38-page report, the Florida Office of Insurance Regulation (OIR) also said many insurers in the state no longer will accept a customer for new business if the insured has had a PIP claim within the last three years.

In the report, OIR said the Division of Fraud within the Department of Financial Services has experienced a sharp increase in ...