PCI Applauds House Markup of NFIP Reauthorization and Reform Package

WASHINGTON, June 21 -- The Property Casualty Insurers Association of America issued the following statement by Nat Wienecke, senior vice president, federal government relations, applauding the passage of the National Flood Insurance Program reauthorization and reform legislative during a House Financial Services Committee markup:

"PCI applauds the passage of long-term NFIP reauthorization and reform legislation during today's House Financial Services Committee markup. PCI strongly supports the committee's reforms that encourage the growth of a private, competitive flood insurance marketplace.

"PCI appreciates the additional reforms to reduce unnecessary burdens in the program, thereby reducing costs for consumers and the companies that serve policyholders. We also appreciate that reforms will be phased in over time to allow the market time to adjust to changes.

"PCI underscores the importance of ensuring continued flood insurance protection for all consumers. We greatly appreciate the work of Chairman Hensarling, Subcommittee Chairman Duffy, and all the committee members on this vital reauthorization and reform bill. We look forward to continuing to work with the committee as this legislation moves on to the full House for its consideration."

"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."