Tallahassee, Fla. — The Property Casualty Insurers Association of America (PCI) today issued the following statement attributed to its regional manager Logan McFaddin regarding opposition to Senate Bill 378, which would repeal the premium tax credit insurers use to recruit and retain jobs in Florida.
“Florida’s insurance industry is a major contributor to the state’s economy, providing more than 200,000 jobs and bringing in $13.4 billion in annual wages. Since 2010, the insurance industry has brought 34,000 new jobs to Florida alone.
“With the number of insurance jobs climbing steadily higher than the national average, we should not jeopardize this positive job growth within Florida’s insurance market.
“The industry has been expanding its footprint in Florida at a significant rate, bringing high quality jobs to the state. Industry jobs in Florida have been growing at twice the national industry average. This proves that the tax credit works—and makes Florida a more competitive state for attracting new insurance jobs.
“We encourage legislators to protect Florida jobs by rejecting this misguided proposal.”