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eSlide – P6466 – iii template eSlide – P6466 – iii template No-Fault Auto Insurance Fraud in New York State Trends, Challenges Costs Hearing on No-Fault Auto Insurance New York State Senate Insurance Committee April 26, 2011 Robert P. Hartwig, Ph.D., CPCU, President Economist Insurance Information Institute ? 110 William Street ? New York, NY 10038 Tel: 212.346.5520 ? Cell: 917.453.1885 ? bobh@ ? 12/01/09 - 9pm eSlide – P6466 – The Financial Crisis and the Future of the P/C * New York’s No-Fault Fraud Tax: Estimated Aggregate Annual Cost, 2005-2010 ($ Millions) *2010 figure is based on data through Q4:2010. Source: Insurance Information Institute calculations and research from ISO/PCI data. No-Fault Fraud Is Costing Honest New York State Drivers Hundreds of Millions of Dollars The total fraud tax levied on New York vehicle owners exceeded more than $200 million in 2010 for the second straight year. NY’s no fault fraud tax burden soared by 241% between 2006 and 2009 Figure 1. 12/01/09 - 9pm eSlide – P6466 – The Financial Crisis and the Future of the P/C * New York’s No-Fault Fraud Tax: Estimated Cumulative Cost, 2005-2010 ($ Millions) *2010 figure is based on data through Q4:2010 Source: Insurance Information Institute calculations and research from ISO/PCI data. The cumulative no-fault fraud tax burden on New York vehicle owners exceeded $813 million from 2005 through 2010 No-Fault Fraud Is Costing Honest New York State Drivers Hundreds of Millions of Dollars Figure 2. 12/01/09 - 9pm eSlide – P6466 – The Financial Crisis and the Future of the P/C * Estimated Per Claim Cost of No-Fault Fraud in New York State, 2005-2010 *2010 figure is based on data through Q4:2010. Source: Insurance Information Institute calculations and research from ISO/PCI data. Fraud and Abuse Are Raising the Costs of Insurance in New York State The estimated per claim cost of no-fault fraud (a.k.a. Fraud Tax) was $1,311 in 2010 NY’s no-fault frau