American Property Casualty Insurance Association
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

April 17, 2014

PCI Statement on PWG TRIA Report

 

WASHINGTON – Robert Gordon, the Property Casualty Insurers Association of America’s (PCI) senior vice president, policy development and research issued the following statement today in response to the report of the President’s Working Group on Financial Markets “The Long-Term Availability and Affordability of Insurance for Terrorism Risk.” PCI provided comments to the President’s Working Group (PWG) on September 17, 2013.

“PCI is pleased that a majority of the key findings in the PWG report support the views of PCI and its member companies,” said Gordon. “A long-term reauthorization of TRIA is needed to provide affordable terrorism insurance and the private market does not have the capacity to provide reinsurance for terrorism risk to the extent currently provided by TRIA. As the uncertainty as to whether TRIA will be renewed grows, the market continues to tighten. However, it is important to note that increasing the industry share through the co-share, deductible or trigger will affect the availability and affordability of terrorism insurance for consumers.”

“PCI appreciates the PWG’s thorough analysis of TRIA.  We look forward to continuing the discussion with the Administration and Congress and working through our concerns on reauthorizing TRIA in the form that works for the policyholders, our members, and the American economy,”

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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