Property Casualty Insurers Association of America Issues Statement, NFIP Extension

DES PLAINES, Ill., Aug. 30 -- The Property Casualty Insurers Association of America issued the following statement by President and CEO

David A. Sampson on Congress to pass NFIP extension:

"PCI calls on Congress to pass at least a six-month extension of the National Flood Insurance Program to provide FEMA Administrator Long and his staff the space they need to help the people devastated by Hurricane Harvey put their homes and businesses back together," said Sampson.

"While PCI and our members support meaningful reforms to the program, passing a minimum six-month extension of the program will allow time for the majority of the claims from Hurricane Harvey to be settled and any ongoing concerns identified and addressed before Congress and FEMA make significant reforms to the program," continued Sampson.

"Any extension should provide for the borrowing authority necessary to pay claims, and include The Flood Insurance Market Parity and Modernization Act," said Sampson. This act was unanimously supported in the House Financial Services Committee and passed the House unanimously last year. "The bill would allow more private sector risk-bearing, thus relieving some of the taxpayer burden that the program is under now. One immediate lesson that we have already learned from Harvey and recent previous storms, is that too few homeowners and businesses have flood protection and this bill also would expand consumers' flood options," concluded Sampson.

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 $216 billion in annual premium, 36 percent of the nation's property casualty insurance. Member companies write 43 percent of the U.S. automobile insurance market, 29 percent of the homeowners market, 33 percent of the commercial property and liability market and 36 percent of the private workers compensation market.