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Premiums Earned (2005): $2.1 – $2.5 billion
(Estimate based on statements by State Farm Insurance representatives that PIP premium collected by State Farm is $500 million and State Farm comprises 22 percent of Florida's auto insurance market.)

Total Medical Loss Costs (2005): $1.361 billion
(Source: Pinnacle Actuarial Resources, Inc.)

Administrative Costs, Overhead, and Profit: $450 million
Other Non Medical Loss Costs: $265 million
(Source: AM Best)

Motor Vehicle Crashes in 2005: 268,000
Injured Drivers or Passengers: 233,930
(Statistics from 2005 report of the Department of Highway Safety and Motor Vehicle, "Traffic Crash Statistics Report 2005")

Patients Treated in Hospitals Injured in Motor Vehicle Crashes: 115,000
Patients Treated in ER and Discharged from ER: 100,000
Patients Admitted to Hospital: 15,000
Average Billed Charges for Patients Treated in ER: $2,250
Average Billed Charges for Patients Admitted: $54,900
Patients Injured in Motor Vehicle Crashes without Health Insurance: 40%
PIP Payments to Hospitals: $350 million
Health Insurance Payments to Hospitals: $167 million
Liens Collected Through Bodily Injury Coverage: $33 million
PIP Payments to Hospitals as a Percent of Earned Premium: 15%

Medical Loss Costs to be Paid by Health Insurers, Taxpayers and Absorbed by Hospitals in Additional Charity Care if PIP is Repealed: $350 million


May 2007

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