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 18, 2014

PCI Encouraged by Progress in Trade in Services Agreement

 

WASHINGTON – David Snyder, the Property Casualty Insurers Association of America’s (PCI) vice president, international policy issued the following statement today on the progress in the Trade in Services Agreement (TiSA) and launch of the TiSA Business Coalition.

“PCI applauds the progress in the TiSA and is pleased to be a part of the TiSA Business Coalition,” said Snyder. TiSA will enhance the way service suppliers operate in today’s global economy and now includes fifty countries.

“TiSA would help the U.S. reduce foreign barriers to trade in insurance services that cost U.S. property and casualty insurers nearly $40 billion annually in lost revenue and related jobs, while enabling U.S. insurers to respond to the need for insurance services worldwide. These insurance services provide societal benefits, such as compensation for loss, long term investing in infrastructure, and actions to bring about safer transportation systems, buildings, and workplaces. In addition, PCI hopes that TiSA will assure that insurers can collect data to further their effectiveness with underwriting, claims settlement, and fighting fraud. We also hope it will assure meaningful transparency in regulatory procedures.”

“PCI looks forward to working with the TiSA Business Coalition to continue to advance the progress in the TiSA,” concluded Snyder.

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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