The American Property Casualty Insurance Association (APCIA) has issued a statement in response to Consumer Reports’ Homeowners Insurance Bill of Rights. David Snyder, vice president of international at APCIA, expressed the association’s willingness to collaborate with Consumer Reports on initiatives aimed at supporting policyholders.
“APCIA hopes to work collaboratively with Consumer Reports on ways to empower policyholders through greater education, effective use of existing consumer protections, and more emphasis on reducing people’s risk to help lower insurance costs over the long-term,” said Snyder.
He noted that many elements outlined in the Bill of Rights are already addressed by current laws and regulations across the United States. “There are already robust consumer protection statutes and regulations in place across the country that address many elements of Consumer Reports’ Bill of Rights, including claims handling practices, cancellation or non-renewal procedures, communication expectations, and transparency rules. Consumer Reports would be a valuable partner in educating and engaging consumers on how to exercise the rights and protections available to them in their state,” Snyder stated.
Snyder also acknowledged challenges facing policyholders regarding rising insurance costs and availability. He attributed these issues to factors such as inflation, severe weather events, population growth in high-risk areas, legal system abuse, and regulatory requirements that may affect insurers’ ability to manage risk. “Insurers understand many policyholders in the U.S. face rising insurance costs and availability challenges caused by the significant impacts of inflation, more severe weather, population growth in high-risk areas, legal system abuse, and, in some states, government mandates and regulatory interference that complicate insurers’ ability to manage risk,” he said.
Snyder invited further engagement between Consumer Reports and industry stakeholders: “APCIA invites Consumer Reports to engage more with the industry on key solutions, such as helping people and communities increase their resiliency against natural disasters, promoting a more fair and balanced legal system, and advocating for regulatory systems that support competition and innovation.”
The APCIA is recognized as a leading national trade association representing home, auto, and business insurers throughout the United States. The organization supports private competition within the insurance sector for both consumers’ benefit as well as those providing coverage.
