WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association (PCI) issued the following statement applauding the Senate Committee on Small Business and Entrepreneurship for examining the flood insurance marketplace, National Flood Insurance Program (NFIP) and their impact on small businesses at today’s hearing “No More Hikes: Small Business Survival Amidst Unaffordable Flood Insurance Rate Increases.”
“PCI applauds Senator Vitter and the members of the Senate Committee on Small Business for their continued focus on the importance of the flood insurance marketplace to small businesses across the country,” said Wienecke. “Today’s hearing is a welcomed next step towards informing the debate on reauthorizing the NFIP as well as highlighting ways in which the increased availability of private capital can provide small businesses with access to greater consumer choice and healthy competition in the market for flood insurance.
“As we continue to work towards the reauthorization of the NFIP, it is vital to underscore the importance of fostering certainty in flood insurance marketplace,” continued Wienecke. “Developing a strong bipartisan consensus for stable long-term reform in advance of the program’s September 2017 expiration is necessary to protect families and businesses that depend on flood insurance.
“Additionally, in the immediate, Congress could and should pass the bi-partisan, bi-cameral, Flood Insurance Market Parity and Modernization Act of 2015, H.R. 2901 and S. 1679,” continued Wienecke. “This commonsense legislation could help bolster small business’ flood coverage and pricing options through the development of a robust private flood insurance market.
“PCI and its member companies stand fully ready to help the committee in this endeavor to protect consumers and small businesses and create a strong foundation for the private and public marketplaces that serve small business consumers,” concluded Wienecke.
PCI’s letter of support is attached.