American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

January 10, 2014

PCI Statement on Bipartisan Trade Promotion Authority Legislation

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations for the Property Casualty Insurers Association of America (PCI) issued the following statement today on the introduction of The Bipartisan Congressional Trade Priorities Act of 2014.

“Trade Promotion Authority (TPA) is needed to move the Trans-Pacific Partnership, the Transatlantic Trade and Investment Partnership, and the Trade in Services Agreement agreements forward. In the past, these trade agreements have helped open markets to U.S. insurers and benefited our partner countries because of the critical role that insurance plays in economic development and the reduction of risk and loss.”

According to a recent U.S. International Trade Commission report, U.S. property and casualty insurers lose nearly $40 billion annually due to foreign barriers to trade.

“We are pleased that this legislation addresses a number of critically important issues, including the application to services, regulatory transparency, cross-border data flows, protection of investments, dispute settlement, consultation mechanisms, state-owned enterprises, and localization requirements. As well, we are pleased that it provides for stakeholder input and specifically references on-going negotiations that are important to insurers.

“TPA will not only benefit our industry but the nation’s economy. We look forward to working with Congress to support passage of this legislation.”

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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