Moody's: Carriers would gain from overhaul of PIP insurance in N.J.

08/16/2011 | PropertyCasualty360

The New Jersey Department of Banking and Insurance is considering changes to the state's personal-injury-protection coverage "to close loopholes," a department spokesman said -- a proposal that would benefit insurers by lowering legal costs and improving medical reimbursements, according to Moody's. "Profitability of PIP coverage in New Jersey has been under pressure, with insurers reporting a loss ratio of 84% for no-fault auto insurance, compared with the national average of 66% for all auto-insurance coverage combined," the ratings firm said.

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