“PCI believes that we all share a number of common goals in insuring against natural disasters and the financial devastation they cause:
• We want to reduce catastrophic losses by making homes stronger and thus people safer.
• We want to encourage responsible and limited development in areas that face the highest risks.
• And we want to stabilize markets through the proper combination of private market competition and appropriate government participation.
“To these ends, PCI supports several pending Congressional bills that would contribute to these goals and encourage a variety of responsible solutions, including tax credits, greater mitigation efforts, and enhanced building codes standards. We also support the concept of a federal liquidity loan facility to backstop qualified state catastrophe funds, provided the legislation includes market freedoms and does not include artificial market restrictions that discourage the inflow of new capital.
“We look forward to working with members of the subcommittee, the committee, and the entire Congress in the coming weeks and months to craft responsible solutions that will protect policyholders and taxpayers.”
About PCI
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $194 billion in annual premium, 40.1 percent of the nation’s property/casualty insurance.