David Snyder, the Property Casualty Insurers Association of America’s (PCI) vice president, international policy, has issued the following statement on the progress in the Trade in Services Agreement (TiSA) and launch of the TiSA Business Coalition.
“PCI applauds the progress in the TiSA and is pleased to be a part of the TiSA Business Coalition,” said Snyder. The PCI indicated that adopting TiSA would enhance the way service suppliers operate in today’s global economy, which now includes fifty countries.
He added that “TiSA would help the U.S. reduce foreign barriers to trade in insurance services that cost U.S. property and casualty insurers nearly $40 billion annually in lost revenue and related jobs, while enabling U.S. insurers to respond to the need for insurance services worldwide.
“These insurance services provide societal benefits, such as compensation for loss, long term investing in infrastructure, and actions to bring about safer transportation systems, buildings, and workplaces.
“In addition, PCI hopes that TiSA will assure that insurers can collect data to further their effectiveness with underwriting, claims settlement, and fighting fraud. We also hope it will assure meaningful transparency in regulatory procedures.
“PCI looks forward to working with the TiSA Business Coalition to continue to advance the progress in the TiSA,” Snyder concluded.
Source: Property Casualty Insurers Association of America (PCI)