“PCI appreciates the work of Chairman Christopher Dodd (D-Conn.), Ranking Member Richard Shelby (R-Ala.) and their committee colleagues in moving this important bill forward today.
“TRIA works. It has successfully protected millions of individuals, businesses and the U.S. economy since January 2003 and has made it possible for insurers to cover an otherwise uninsurable risk. We applaud the leadership Chairman Dodd and Ranking Member Shelby have shown in crafting legislation to renew this vital program that has been a foundation on which America's economic strength is built. We particularly appreciate the exclusion of a mandatory ‘make available’ requirement for nuclear, chemical, biological and radiological (NBCR) attacks, and also of the inclusion of a seven-year term, which will allow time for a fair analysis of the potential for private sector growth in this market.
“We look forward to our continued work with Senators as this much-needed bill moves through the legislative process.”
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. Member companies write 51.3 percent of the U.S. automobile insurance market, 39 percent of the homeowners market, 32.1 percent of the commercial property and liability market, and 38.7 percent of the private workers compensation market.