The Property Casualty Insurers Association of America today expressed strong reservations about an effort to create state and federal funds to backstop property insurers' natural catastrophe losses.
In a letter to the National Association of Insurance Commissioners, PCI senior Washington lobbyist Julie Gackenback said some portions of the program did not merit support while stating that “now is the time to examine a range of proposals.”
The NAIC is currently considering a plan that would not only create such state and federal funds for mega-catastrophe risk but also mandate “all-perils” policies that would for the first time in nearly 40 years include flood risk.
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