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

June 2, 2014

PCI Urges Senate Banking Committee to Pass TRIA Reauthorization

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement regarding the Senate Banking Committee’s upcoming consideration of the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244).

“PCI commends Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) for taking this critical step to ensure America has an economic response plan to terrorist attacks,” said Wienecke. “Passing S. 2244 out of the Senate Banking Committee will be a big step towards minimizing disruptions in the terrorism insurance market. This legislation is a bipartisan, long-term reauthorization of TRIA. PCI’s goal is to maintain the availability and affordability of terrorism insurance for consumers, and we remain concerned with the language in the legislation increasing each insurer’s co-share by a third, from 15% to 20%.”

“PCI praises the broad, bipartisan support for TRIA and is appreciative that the Senate and House are moving expeditiously to reauthorize TRIA. We encourage the Senate to continue to move forward with the legislative process and to work with the House to ensure the passage of a TRIA reauthorization that provides taxpayer protection while allowing the industry to meet the needs of its customers. We call on Congress to come together and send a bill to the President before the August recess,” concluded Wienecke.

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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