New laws designed to reduce loss cost volatility and claims fraud in the Florida no-fault auto insurance system, commonly referred to as PIP, which stands for personal injury protection, would be a credit positive for property/casualty insurers, according to Fitch Ratings.
Among all U.S. states, Florida has generated the fifth-worst direct underwriting results in private passenger automobile insurance in the five-year period from 2008 to 2012.
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