Property Casualty Insurers Association of America
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Contact:

 

Cliston Brown

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847-553-3671

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cliston.brown@pciaa.net

 

 

 

FOR RELEASE ON RECEIPT

 

 

May 26, 2011

 

 

PCI’s Stander Responds To Quinnipiac Poll on Florida Property Insurance Market


TALLAHASSEE—Property Casualty Insurers Association of America (PCI) Assistant Vice President William Stander today released the following statement in response to a May 25 Quinnipiac University poll showing large majorities of Floridians surveyed are frustrated with their state’s property insurance market:

“The Quinnipiac poll revealed that 89 percent of Floridians think that getting property insurance was the same or more difficult, while 74 percent said property insurance was getting more expensive. We couldn’t agree more. As a matter of fact, in our own poll from August 2010, 86 percent of Floridians also said their personal homeowners insurance situation had either gotten worse or stayed the same over the previous four years. Who could deny that’s true? The real question is why, and what can we do about it?

“Interestingly, according to Quinnipiac, 59 percent of Floridians think the answer is more government regulation. Meanwhile, 100 percent of Floridians already own and operate Citizens, the government-run program that controls 18 percent of the market with more than 1.3 million policies in effect. According to a Florida Senate analysis, Citizens doesn’t have enough money on hand to pay for a major hurricane, and in the meantime, out-of-control sinkhole and other suspect claims are eating up the money Citizens does have. How would more regulation solve those problems?

“The record is clear: government’s intrusion and near-takeover of the property insurance market over the past four years has done nothing to improve the insurance situation of
Florida homeowners. That is why the recently enacted SB 408 is a good first step, because it starts to put a lid on runaway costs and suspect claims, while encouraging private insurers to re-enter the market.

“While some trial lawyers, public adjusters, and former government officials might choose to sit back and wait to profit from the next catastrophe, our goal as always is to encourage public policy that gives control back to the consumer by
restoring competition in the marketplace. Only by working together towards long-term solutions that make homes stronger, and families safer and more financially secure, will we ever reach that goal.”

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 $180 billion in annual premium, 37.4 percent of the nation’s property casualty insurance. Member companies write 44 percent of the U.S. automobile insurance market, 30.7 percent of the homeowners market, 35.1 percent of the commercial property and liability market, and 41.7 percent of the private workers compensation market.

 

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