Property Casualty Insurers Association of America Property Casualty Insurers Association of America
  • Staff Contact: Eileen Gilligan     
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  • FOR RELEASE ON RECEIPT
  • January 8, 2015
  • PCI Praises Senator Mark Kirk for Leadership in Passing a Long-Term TRIA Reauthorization
  • WASHINGTON – The Property Casualty Insurers Association of America (PCI), based in Chicago, today praised Senator Mark Kirk (R-IL) for his leadership in passing H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015. This legislation includes a long-term reauthorization of the Terrorism Risk Insurance Act and enacts the National Association of Registered Agents and Brokers Act of 2015 (NARAB II). H.R. 26 passed the U.S. House of Representatives on January 7 and the U.S. Senate today.

    “PCI praises Senator Kirk for his bipartisan leadership in the passage of The Terrorism Risk Insurance Program Reauthorization Act of 2015,” said Nat Wienecke, PCI’s senior vice president, federal government relations. “I am grateful to Senator Kirk for working across the aisle and bringing both parties together to pass a hard won compromise to maintain America’s economic resiliency plan to recover from terrorist attacks. His work to pass a long-term reauthorization of TRIA in the Senate last July, and again today by overwhelming, bipartisan votes, are a testament to his tireless leadership.”

    This vote is a significant win for consumers, taxpayers, and our members. This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers,” said Nicole Austin, PCI’s assistant vice president, federal government relations. “TRIA is vital to Illinois’ economic growth. Approximately 295 insurance companies protect Illinois’ economy, including its 5.8 million workers and a multitude of commercial properties, hospitals, schools, universities, and stadiums. We applaud Senator Kirk for his leadership to protect Illinois’ citizens, property, economy, and jobs. The 100 PCI employees located in PCI’s Chicago Office are appreciative of his efforts. We urge President Obama to sign this legislation as soon as possible,” concluded Austin.

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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