WASHINGTON – June 26, 2015 – (RealEstateRama) — Nat Wienecke, the Property Casualty Insurers Association of America’s (PCI) senior vice president, federal government relations issued the following statement today applauding Senators Dean Heller (R-NV) and Jon Tester (D-MT) and Representatives Dennis Ross (R-FL) and Patrick Murphy (D-FL) for introducing the Flood Insurance Market Parity and Modernization Act.
“PCI supports the viability of a competitive private insurance market for the benefit of consumers and insurers, and believes that good insurance supervision recognizes the wide variety of property-casualty business models that can increase private competition,” said Wienecke. “This common sense legislation clarifies the intent of Congress that private flood insurance should be an option available to homeowners. PCI applauds Senators Heller and Tester and Representatives Ross and Murphy for introducing the Flood Insurance Market Parity and Modernization Act and remains dedicated to working with House and Senate leaders to strengthen flood protection for the 5.2 million Americans who depend on flood insurance to protect their homes and businesses.”
PCI’s members include more than two-thirds of the insurers that partner with the NFIP through the “write-your-own” (WYO) program to sell, service, and administer this federal program.
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 more than $183 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, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.