PC360 brings our readers the top quotes from major industry players for the week of April 23. Industry leaders comment on topics ranging from a National Flood Insurance Program extension, to the consequences of soft-market pricing, and more. 

Rep. Aaron Schock, R-Ill., a member of the House Ways and Means Committee, talking to the Independent Insurance Agents & Brokers of America about the lack of Senate action on a five-year National Flood Insurance Program extension:

“[Agents  should] tell their Senate representatives to get off their duff and get something done over there. Maybe pass the budget too.”

Regarding the 2012 presidential election:

“This will be a referendum on the President. It is always about the incumbent.”

(Photo credit: AP 2011 file photo)

W.R. Berkley Corp. CEO William R. Berkley talking about how some companies may not survive a hard-market swing because they will run into trouble when they have to pay for their underpriced past. Berkley ties the statement to AIG's problems in 2008, drawing critical responses from a couple of PC360 readers, who point out AIG's P&C  pricing did not cause the company's liquidity problems:

“[Paying for soft-market pricing] happened to AIG, but AIG got bailed out by the government. Look at all the billions of dollars of deficiencies they had to make up for.”

Independent Insurance Agents & Brokers of America Chairman Mike Donohoe, at the association's annual Legislative Conference and Convention in Washington, D.C., discussing challenges that older agents are facing adapting to modern technologies and evolving consumer preferences:

“Agents are being made, for the first time, to lead in areas where they are not comfortable, and that is scary to most agents. Technology is coming fast and we have young people coming to us in our agencies saying, 'What are we going to do and how are we going to do it?' And we're not so sure.”

Industry reps sounding off about a possible two-year National Flood Insurance Program extension, as proposed by the Federal Emergency Management Agency, instead of a five-year extension with program reforms:

Mike Becker (pictured left), assistant vice president of federal affairs, National Association of Professional Insurance Agents: “If the Senate is unable to pass a five-year extension with the many needed reforms in the time remaining prior to May 31, PIA would support FEMA's request to extend the current program for two years. Such a move could avert a serious disruption in the market and provide a measure of stability for the millions of Americans who rely on the continued availability of flood insurance coverage.” 

Matt Gannon (pictured right), assistant vice president of federal affairs, National Association of Mutual Insurance Companies: “We at NAMIC hope that lawmakers, particularly in the Senate, will take this opportunity to not just sustain the NFIP, but strengthen it by passing bipartisan reform legislation already approved by the [Senate] Banking committee.”

Sanford Elsass, chairman of the National Risk Retention Association, slamming a GAO report on the Liability Risk Retention Act (LRRA) of 1986 because the NAIC was able to review it and make comments: 

“The most egregious act was that the GAO took the draft and let the NAIC review it and make comments on it when no one else got that privilege. Why, if the GAO is supposed to be doing what is equal and fair to all, does the NAIC get to edit the report? That distorts its value as a taxpayer-funded document of no benefit to anyone but the NAIC.”