Legislation would specifically allow insurers to require inspections before windshield repair or replacement. The Property Casualty Insurers Association of America (PCI) called on the Florida Senate Banking and Insurance Committee to pass Senate Bill 396, which seeks to curb assignment of benefit (AOB) practices associated with windshield glass repairs that the insurance industry considers abusive. […]
Insurer Survey Reveals Americans’ Perception of Marijuana-Impaired Driving and the Dangers Involved
Survey conducted for the Property Casualty Insurers Association of America shows gap between views on danger of marijuana use on driving and contribution to increased crashes. A new survey of over 2,000 U.S. adults, conducted online by Harris Poll on behalf of the Property Casualty Insurers Association of America (PCI), reveals that more Americans consider […]
Auto Care Association, ETI Support Data Access Amendments to Federal Autonomous Vehicle Legislation
The Auto Care Association and the Equipment and Tool Institute (ETI) have announced support for the vehicle data access and control amendment that was included in the U.S. Senate Bill 1885 (S1885), the “American Vision for Safer Transportation through Advancement of Revolutionary Technologies” (AV START) Act. The amendment sponsored by Senator James Inhofe, R-Okla., requires […]
U.S. Senate Committee Approves Amended Autonomous Vehicle Legislation
Amendment provides for Federal Advisory Committee that includes aftermarket representatives. ASA, PCI supports data access and cybersecurity amendment A key concern for the independent automotive service and collision repair industries as well as auto insurers with autonomous vehicle legislation moving through the U.S. Congress was access to data generated by vehicle systems necessary to repair […]
Insurance Association Calls for Improvements to Federal Autonomous Vehicle Legislation
PCI calls for legislators to preserve third-party access to vehicle data that insurers and independent collision repairers need to work on advanced systems. Limit exemptions to existing safety standard. The Property Casualty Insurers Association of America (PCI) is calling on legislators to preserve third-party access to vehicle data in highly automated vehcle (HAV) legislation, H.R. […]
PCI Warns Floridians on Auto Glass Fraud, Assignment of Benefits Abuse
The Property Casualty Insurers Association of America (PCI) is warning vehicle owners in Florida not to become a victim of fraud when having a windshield repaired or replaced and to avoid assignment of benefits (AOB) “schemes” by glass repair and replacement facilities. Insurers in Florida have been pushing for legislation reforming the AOB process on […]
Insurance Association Concerned with Mississippi AG’s Consumer Guide to Insurance and Auto Body Repair Misleads Customers
Property Casualty Insurers Association concerned language on replacement parts in guide may confuse consumers and collision repair shops. The Property Casualty Insurers Association of America (PCI) is concerned that the Consumer Guide to Insurance and Auto Body Repair released on May 25 by Mississippi Attorney General Jim Hood may confuse and mislead both consumers and […]
Property/Casualty Insurers Report $21.7 Billion Net Income After Taxes in First-Half 2016
Insurers report $1.5 Billion Net Underwriting Loss. Combined ratio deteriorated to 99.8 percent in first half of 2016. Premium growth slows. Private U.S. property/casualty insurers reported a $1.5 billion net underwriting loss in the first half of 2016—the first year-to-date net underwriting loss in more than three years—and saw their net income after taxes drop […]
Federal Insurance Office Announces Methodology for Monitoring Auto Insurance Affordability
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced the adoption of a methodology for monitoring the affordability of automobile insurance. Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes FIO to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income (LMI) persons […]
Property/Casualty Insurers Report $13.3B in Net Income after Taxes in First-Quarter 2016
Increases in catastrophe losses, higher combined ratios and declining investment income caused a 26.6 percent decline in net income from 2015. Private U.S. property/casualty insurers saw their net income after taxes fall to $13.3 billion in first-quarter 2016 from $18.1 billion in first-quarter 2015, a 26.6 percent decline, and their annualized quarterly yield on investments […]