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Industry Issues | Credit Scores
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PCI Testifies at 2008 Congressional Credit Scoring Hearing
Charles Neeson, senior executive, personal lines for Westfield Insurance, testified on behalf of the Property Casualty Insurers Association of America Wednesday, May 21, 2008 before the House Financial Services Subcommittee on Oversight and Investigations on the consumer benefits of credit-based insurance scores.
PCI was chosen to testify because of the role the association plays in the property casualty industry. In his testimony Neeson highlighted the strong correlation between credit information and loss data. Credit-based insurance scores help insurers to more accurately price and actually write more policies.
When insurers are able to properly underwrite risks, consumers benefit with lower rates and more choices. Because credit-based insurance scoring is an objective and accurate method for assessing the likelihood of insurance loss, we strongly opposed passage of H.R. 5633 or H.R. 6062. These bills would have led to premium increases for many consumers by depriving insurers of one of the most predictive underwriting tools at their disposal.
Resources
Congressional Testimony of Westfield's Charles Neeson, representing PCI
PCI News Release: H.R. 5633 Could Increase Premiums for Many Consumers
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