Search
 

IRC: Florida PIP Claim Costs Soaring

A study from the Insurance Research Council (IRC) entitled, "Florida Auto Injury Insurance Claim Environment, 2007 Final Report," concludes that the increased use of diagnostic tests and chiropractic

By Staff Writer | Updated on March 05, 2007

A study from the Insurance Research Council (IRC) entitled, “Florida Auto Injury Insurance Claim Environment, 2007 Final Report,” concludes that the increased use of diagnostic tests and chiropractic treatment along with an increased rate of lawyer retention by claimants have helped fuel rapid growth in personal injury protection (PIP) claim costs in Florida.

The study’s results show that the average total claimed PIP economic loss, consisting primarily of medical expenses, increased 18 percent from $8,289 in 2002 to $9,769 in 2005. Average claim payments increased 24 percent, from $4,606 in 2002 to $5,712 in 2005. During the same period, the general rate of inflation was nine percent, and the rate of inflation for medical services was 13 percent.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2025 ALM Global, LLC. All Rights Reserved.