American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
    • Printer-Friendly Printer-Friendly PDF Export PDF Export

 

 

Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

February 20, 2014

PCI Statement on FASB Accounting Standards for Property Casualty Insurers

 

WASHINGTON – Jim Olsen, the Property Casualty Insurers Association of America’s (PCI) vice president, accounting and investment policy released the following statement in response to the Financial Accounting Standards Board’s decision yesterday regarding its accounting standard for property casualty insurers short duration insurance contracts.

“PCI is pleased that the Financial Accounting Standards Board (FASB) decided it will not make significant changes to its existing accounting standard for short duration insurance contracts,” said Olsen. The FASB members did agreed to consider possible targeted changes focused on improving disclosures. PCI supported this approach in the comment letter dated October 25, 2013 to the FASB regarding its proposed insurance contracts standard.

“This is a positive result for the p&c industry on an issue that has been debated for many years. PCI has been and will continue to be engaged in the debate on accounting standards for p&c insurance contracts in all venues, which in addition to the FASB, include the NAIC, the International Accounting Standards Board and the International Association of Insurance Supervisors,” concluded Olsen

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.

###