American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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  • September 27, 2016
  • PCI Urges Support for Earthquake Mitigation Incentive Act
  • WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI), today issued the following statement in support of H.R. 5610, The Earthquake Mitigation Tax Incentive Act of 2016.

    “PCI applauds Rep. Mike Thompson for introducing The Earthquake Mitigation Tax Incentive Act of 2016,” said Wienecke. “This important, forward-thinking legislation would create federal income tax incentives to residents who participate in qualified earthquake loss mitigation programs.

    “Mitigation is essential to minimizing financial losses from a natural catastrophe,” continued Wienecke. “This legislation would encourage homeowners to take relatively low cost retrofitting measures now in order to reduce the possibility of significant earthquake damage in the future.

    “In addition, H.R. 5610 would potentially save taxpayers money in the long run by reducing the need for federal disaster assistance following future significant earthquake events. Reducing the severity of property damage caused by earthquakes should be a priority for federal, state, and local government as well as for private industry. PCI urges support for The Earthquake Mitigation Incentive Act,” concluded Wienecke.

  • 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 $202 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, 27 percent of the homeowners market, 33 percent of the commercial property and liability market and 34 percent of the private workers compensation market.
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