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The Auto Insurance Market Marches On

When lawmakers passed a bill reinstating Florida's motor vehicle no-fault law last year, it was one of the hollowest outcomes handed to carriers in recent memory, only to be eclipsed by the changes

By Michael H. Adams | Updated on April 30, 2008

When lawmakers passed a bill reinstating Florida’s motor vehicle no-fault law last year, it was one of the hollowest outcomes handed to carriers in recent memory, only to be eclipsed by the changes to the property market won by Governor Charlie Crist. After lawmakers inserted a provision into the insurance code calling for the mandatory coverage to sunset as of Oct. 2007, it became clear with each passing year that the deadline was arbitrary. It functioned to sideline the issue, while workers’ compensation, medical malpractice, and homeowners’ reforms were addressed.

Yet, even as carriers such as State Farm eventually failed to convince lawmakers to jettison the PIP system and other trade groups fell short of securing comprehensive reforms, it has had no noticeable effects on the market. “In my 33 years in the industry, this is most competitive market I’ve ever seen,” said Scott Johnson, vice president of the Florida Association of Insurance Agents.

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