Property Casualty Insurers Association of America
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Contact:

Jeffrey Brewer

Phone:

847-553-3763

Email:

Jeffrey.brewer@pciaa.net

 

 

FOR RELEASE ON RECEIPT

July 15, 2013

PCI Applauds NCOIL Action on TRIA and Best Practices to Address Opioid Abuse

PHILADELPHIA - The National Conference of Insurance Legislators (NCOIL) took positive action during its Summer Meeting in Philadelphia this past weekend adopting a resolution in support of the extension of the Terrorism Risk Insurance Act (TRIA) and advancing best practices that when finalized will address opioid abuse and its impacts on workers compensation insurance, according to the Property Casualty Insurers Association of America (PCI).

“We are pleased that NCOIL adopted its resolution encouraging Congress to extend TRIA, which has been successfully protecting millions of individuals, businesses and the U.S. economy since it was enacted in November 2002,” said Frank O’Brien, vice president state government relations for PCI.  “TRIA is needed. Significant sectors of our economy are dependent on the availability of terrorism insurance and this coverage would not be available for those risks that need it most without TRIA. Terrorism risk insurance focuses on protecting economic development and jobs.”

For more than a year NCOIL has been investigating prescription drug overutilization which has become a national epidemic. According to the Centers for Disease Control & Prevention (CDC), enough prescription painkillers were prescribed in 2010 to medicate every American adult around-the-clock for one month. This issue has significant impact on increasing the cost of workers compensation claims. At the Summer Meeting NCOIL’s Workers Compensation Committee considered best practices that are designed to address, opioid abuse, misuse and diversion and may finalize them at their November meeting.

“PCI supports the NCOIL approach at identifying best practices from states that appear to be making progress in addressing this issue,” said O’Brien. “It provides states with another tool to use in the development and implementation of effective strategies to combat opioid abuse.”

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 $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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