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

May 22, 2014

PCI Applauds Introduction of the Flood Insurance Market Parity and Modernization Act of 2014

 

WASHINGTON – Nat Wienecke, the Property Casualty Insurers Association of America’s (PCI) senior vice president, federal government relations issued the following statement in response to the introduction of S. 2381 and H.R. 4558, the Flood Insurance Market Parity and Modernization Act of 2014. Senators Dean Heller (R-NV) and Jon Tester (D-MT) introduced the Senate bill today. The House companion bill, H.R. 4558 was introduced by Representatives Dennis Ross (R-FL) and Patrick Murphy (D-FL) on May 1, 2014.

“PCI supports the viability of a competitive private insurance market for the benefit of consumers and insurers, and believes that good insurance supervision recognizes the wide variety of property-casualty business models that can increase private competition,” said Wienecke. “This common sense legislation clarifies the intent of Congress that private flood insurance should be an option available to homeowners. PCI applauds Senators Heller and Tester and Representatives Ross and Murphy for introducing the Flood Insurance Market Parity and Modernization Act of 2014 and remains dedicated to working with House and Senate leaders to strengthen flood protection for the 5.6 million Americans who depend on flood insurance to protect their homes and businesses.”

 

PCI’s members include more than two-thirds of the insurers that partner with the NFIP through the “write-your-own” (WYO) program to sell, service, and administer this federal program. 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.

###