American Property Casualty Insurance Association
  • Staff Contact: Brooke Kelley     
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  • FOR RELEASE ON RECEIPT
  • March 21, 2017
  • Senate Bill 378 Could Hurt Florida’s Economy
  • 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.”

  • 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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