WASHINGTON, D.C. – May 25, 2015 – (RealEstateRama) — Dave Snyder, vice president, international policy at the Property Casualty Insurers Association of America (PCI) issued the following statement following the Senate passage of “The Bipartisan Congressional Trade Priorities and Accountability Act of 2015,” legislation to renew Trade Promotion Authority (TPA).
“TPA is essential to encourage other countries to provide meaningful, long term and enforceable commitments for access to their markets by U.S. insurers and reinsurers.”
The U.S. International Trade Commission estimated in a 2009 report that if all foreign trade barriers were eliminated, U.S. property and casualty insurers would have generated nearly $40 billion more annual revenue and create numerous new jobs. “TPA is fundamental to open foreign markets and create additional jobs and income in the U.S.
“TPA is not about deregulation. PCI strongly supports our strong, comprehensive and effective U.S. state-based insurance regulatory system. Previous trade agreements have protected the strengths of our regulation, while opening markets for our companies. We want the same mutually beneficial outcomes in all future trade agreements.
“Insurance also helps improve the quality of life and create democratic stability in foreign countries because it compensates for loss, identifies and seeks to reduce preventable risk and provides capital for critical infrastructure such as roads, bridges and railroads.
“Contrary to its critics, TPA also assures Congressional oversight and consultation and provides a high degree of public transparency. PCI urges the House to pass this legislation and send the bill to the president’s desk.”
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.