American Property Casualty Insurance Association
  • Staff Contact: Nicole Mahrt-Ganley     
    • Printer-Friendly Printer-Friendly PDF Export PDF Export

  • FOR RELEASE ON RECEIPT
  • January 25, 2016
  • Insurer Investments Must Ensure the Financial Security of Policyholders
  • Contact:

    Nicole Mahrt Ganley

    Phone:

    916-616-5855

    E-Mail:

    Nicole.mahrt@pciaa.net

     

    FOR RELEASE ON RECEIPT

    January 25, 2016

    Insurer Investments Must Ensure the Financial Security of Policyholders

    SACRAMENTO, CA - The following statement is in response to California Insurance Commissioner Dave Jones’ call today for insurers to voluntarily divest of investments in the carbon economy.  This statement can be attributed to Mark Sektnan, ACIC President.

    “Insurers use investment income to offset repair and litigation costs to lower policyholders’ premiums.  Insurers must retain the freedom to manage their investments so they can keep rates affordable for their customers.  Investments of insurers must first and foremost ensure the financial security of policyholders.  Insurer investments must be low risk and easily liquidated in order to pay policyholder claims quickly in times of disaster.  ACIC is communicating with our members regarding this new request from Commissioner Jones. Each insurer must craft balanced investment strategies that meet regulatory requirements and ensure the financial security of policyholders. We appreciate that the commissioner’s approach avoids overly restrictive mandates.”

    The Association of California Insurance Companies (ACIC) is part of the Property Casualty Insurers Association of America (PCI). ACIC is PCI’s California Voice representing 363 property casualty insurance companies doing business in California. These members write $20.2 billion in premium in California insuring 36 percent of the property casualty insurance sold in the state. California members write 44 percent of personal auto insurance, 29 percent of homeowners insurance, 33 percent of commercial lines business insurance and 40 percent of private workers compensation insurance sold in California.

     

    ###

  • ACIC, the California voice of the Property Casualty Insurers Association of America, represents 363 property casualty insurance companies doing business in California. These members write $20.2 billion in premium in California insuring 36 percent of the property casualty insurance sold in the state. California members write 44 percent of personal auto insurance, 29 percent of homeowners insurance, 33 percent of commercial lines business insurance and 40 percent of private workers compensation insurance sold in California.
  • ###