Superstorm Sandy and other natural catastrophes presented significant challenges for the Property Casualty Insurers Association of America and its member companies during Jonathan Michael’s tenure as chairman of the Chicago-based insurer group.
“There continue to be ongoing efforts to change laws and regulations concerning insurance for natural catastrophes,” said Mr. Michael, whose term as chairman ends during this year’s annual meeting. Throughout the past year, PCI and its members faced numerous natural disasters, most notably last October’s Superstorm Sandy, which ravaged much of the Northeast.
“The PCI continues to make it a top priority to assist policyholders before, during and after such catastrophic events,” said Mr. Michael, who also is chairman and CEO of Peoria, Ill.-based RLI Corp. He said in the aftermath of Sandy, lawmakers continue to pass laws concerning insurance, “and we continue to work with lawmakers on those reforms that are good for policyholders and insurers.”
Mr. Michael said that during the past year, “we were successful throughout the country in defending underwriting freedoms in the various states.” On the federal side, PCI has supported efforts to promote legislation that would reform the Dodd-Frank Wall Street Reform and Consumer Protection Act. PCI supports legislation that has been introduced but not passed that would clarify that insurer liquidations would be performed by state regulators rather than by the Federal Deposit Insurance Corp.
PCI also is involved with efforts to reauthorize the federal government’s terrorism insurance backstop, which is slated to expire on Dec. 31, 2014.
In addition, PCI has held two summits in the past year that related to shifting and competing pressures related to natural catastrophes. They were held to address concerns among insurers, regulators risk modelers and credit rating agencies, he said.