PCIA Issues Statement on Flooded Communities Preparation Act

WASHINGTON, June 28 -- The Property Casualty Insurers Association of America issued the following statement by Nat Wienecke, senior vice president for federal government relations applauding Sen. Tim Scott, R-S.C., and Sen. Brian Schatz, D-Haw., for introducing the Repeatedly Flooded Communities Preparation Act (S. 1445), which takes an important step in addressing the growing number of properties that are repeatedly flooded:

"PCI applauds Senators Scott and Schatz for their leadership on this important issue," said Wienecke. "Flooding is the most common type of natural disaster loss in our country. This bipartisan legislation includes measures, such as improving risk mapping and preparedness, that will better protect families and businesses and minimize losses due to flood."

The Repeatedly Flooded Communities Preparation Act would require communities to map repeatedly flooded properties and infrastructure, develop and implement a plan to mitigate current risks, to share these plans with the public and to provide updates on the community progress to FEMA.

"These reforms would also put the NFIP on more sound financial footing, which is critical to ensuring continued flood insurance protection for all consumers for years to come. PCI calls on Congress to take up and pass this legislation to better protect families and businesses and strengthen the financial solvency of the NFIP," concluded Wienecke.

"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."