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Fixing the Florida Insurance Marketplace: We're All In It Together, Says PCI

Source: PCI

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Posted on 03 Jun 2010

The Property Casualty Insurers Association of America (PCI) issued the following statement in response to today's announcement of the veto of SB 2044, the property insurance package that easily passed both houses of the Florida legislature. The below statements can be attributed to William Stander, assistant vice president and regional manager for PCI.

"PCI understands the concerns of consumers and public policymakers about the cost of property insurance in Florida, and we want to work with all stakeholders to develop effective long-term solutions that will stabilize the state’s insurance marketplace. This legislation would have been a step toward bringing private marketplace solutions to Florida. Without the bill, we continue to confront the problem of a huge and growing financial risk that Floridians face from the next storm.

"SB 2044 would have delivered common-sense solutions that would have protected insurance consumers and helped control rates by addressing a number of the cost drivers associated with increased premiums. The bill would have made it an unfair and deceptive trade practice for public adjusters to make misleading statements so that people would not be taken advantage of when they need help the most. It also would have capped public adjuster fees—meaning more settlement money in the hands of consumers—while cracking down on wind inspector fraud, creating a transparency website for consumers to shop and compare rates and products, and taking measures to ensure that properties are properly repaired, meaning safer homes and better resale values.

“While we are disappointed that these provisions did not become law, we recognize that many of us want the same thing: a healthy, stable and competitive insurance market that delivers economic security and peace of mind to consumers. We are all in this together.

“We reiterate that everyone—government, industry and the people of Florida—must work together to meet the urgent challenges we face. Eighty percent of all the insured property in the state, worth approximately $2 trillion, is vulnerable to storm losses. And this number continues to grow as development in the highest-risk areas of the state continues.

“The interests of consumers, lawmakers and insurers should not and do not have to conflict with each other. It is imperative that government and our industry work together to benefit consumers. We need to consider common-sense, long-term solutions that bring the private insurance marketplace back in Florida and lead to stronger homes and safer families. We remain committed to working with the state of Florida toward that end.”


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