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- PCI Expresses Disappointment in Commissioner Goodwin’s Decision to Deny Rate Increase
- RALEIGH N.C. -The Property Casualty Insurers Association of America (PCI) is issuing the following statement in response to North Carolina Commissioner Wayne Goodwin’s decision to deny the Rate Bureau's request for a 25.6 percent increase effective June 1, 2015. The following statement can be attributed to Oyango Snell, counsel, state government relations, who is available for interviews and to provide background for reporters covering this issue.
“While we understand no one wants to pay more for any good or service, PCI is disappointed with Commissioner Goodwin’s decision to continue suppressing homeowners insurance rates despite the strong evidence that insurers in North Carolina continue to face high numbers of claims and the subsequent costs of rebuilding. With no rate increase, the high number of claims along the coast, and increased costs for rebuilding, insurers aren’t able to keep up with the high replacement costs, and this could impact consumers.
Insurers must be able to stay viable in order to protect consumers and promote competition in the marketplace.
This is about keeping a promise to the consumer – the promise to be there to help rebuild when the dust settles. In order to meet the needs of their customers, the insurance industry must be able to keep up with the rising costs. Insurance is the foundation for keeping a family’s economic safety net strong, and our job is to be there for you providing the adequate amount of coverage.”
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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