The American Insurance Association (AIA) and Property Casualty Insurers Association of America (PCI) announced they reached a merger agreement. The two insurance associations had announced in June they were discussing a merger. The combined organization will be known as the American Property Casualty Insurance Association (APCI). According to a statement released by Anthony J. Kuczinski, […]
PCI Reports Tariffs Could Increase Collision Repair Claim Costs $3.4 Billion
The Property Casualty Insurers Association of America (PCI) made a presentation Saturday to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Insurance (C) Committee on the potential effect of tariffs on auto insurance costs and consumers. “Tariffs on auto parts could have a significant adverse economic impact on consumers, automobile repair providers, business, […]
Groups Say State Insurance Regulators Fail Consumers on Auto Insurance Affordability Research
Consumer groups want Federal Insurance Office to step in saying National Association of Insurance Commissioners report biased towards insurance industry. Insurance industry association calls consumer groups’ comments unfortunate. Consumer groups have called on state insurance regulators to reject a proposed report on auto insurance affordability that the groups said is biased toward industry and fundamentally […]
Property/Casualty Insurance Industry’s Net Income Doubles in First-Quarter
With lower catastrophe losses, insurers saw net income increase to $17.1 billion. Private U.S. property/casualty insurers saw their net income after taxes more than double to $17.1 billion in first-quarter 2018 from $7.9 billion in first-quarter 2017, helped by lower catastrophe losses and increased reserve releases, according to ISO, a Verisk (Nasdaq:VRSK) business, and the […]
PCI Urges Rhode Island Governor to Veto OEM Collision Repair Parts and Procedures Bill
Insurance association opposes legislation it says will raise costs for auto physical damage coverage in 15th most profitable state for insurers. The Property Casualty Insurers Association of America (PCI) is encouraging Rhode Island Governor Raimondo to veto legislation that requires insurers to expand consumers’ ability to choose OEM parts to 48 months from current law […]
Insurance Associations AIA and PCI Announce Merger Negotiations
The boards of the American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) announced the two insurance industry associations are discussing a merger of the two groups. “The respective Boards of AIA and PCI believe there is great benefit in a more unified policy and advocacy voice for property casualty insurers, […]
Property/Casualty Insurance Industry Net Income Declines 15.8 Percent in 2017
Hurricanes and wildfires drive underwriting losses. Net income showed improvement in fourth quarter Private U.S. property/casualty insurers saw investment gains push the industry’s surplus to a new all-time-high value of $752.5 billion in 2017, a $51.7 billion increase from 2016, and catastrophe losses suppressed the industry’s net income after taxes to $36.1 billion in 2017, […]
Insurance Associations Send Joint Letter to State Insurance Commissioners on Federal Tax Changes Impact on Insurance Rates
The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) issued a letter to state insurance commissioners responding to the Consumer Federation of America (CFA) and the Center for Economic Justice’s (CEJ) claims about the federal Tax Cut and Jobs Act and how it may impact insurance rates. In a letter sent […]
U.S. Property/Casualty Insurance Industry Reports $22.4 Billion Net Income
Net income dropped 30.3 Percent in first nine months of 2017 following hurricanes and other catastrophe losses. The private U.S. property/casualty insurance industry saw its net income after taxes drop to $22.4 billion in the first nine-months of 2017 from $32.1 billion in the first nine-months of 2016-a 30.3 percent decline-and its overall profitability as […]
Florida Insurers Identify Assignment of Benefits Abuse and Auto Safety as Top Legislative Priorities
The Property Casualty Insurers Association of America (PCI) called on the Florida Legislature to address assignment of benefits (AOB) abuse and distracted driving as top priorities for the 2018 Florida Legislative Session. PCI believes AOB reform should be a central part of any discussion of hurricane preparedness and response this session, as Florida was battered […]