PCI Commends NC Superior Court Order to Dismiss Stay on DOI

The ruling will result in the rate changes, filed by the North Carolina Rate Bureau and approved by the DOI, taking effect as scheduled on May 1, 2009.  The rate change affects both the private insurance market and the Beach Plan, the state’s property insurance provider for coastal and beach properties.

“We understand that, especially in these tough economic times, insurance costs are a concern for many North Carolina homeowners, but if claims cannot be paid, everyone loses,” said Lynn Knauf, regional manager for PCI. “Now more than ever, policyholders need to have the piece of mind that their insurance company will be able to pay their claims following a loss. Additionally, it's important to remember that this is a statewide adjustment that includes both increases and decreases.”

PCI continues to urge legislators to take additional measures to fix the Beach Plan in 2009. “We want to help the Legislature seek long-term solutions that will strengthen the state’s insurance market and protect homeowners in all parts of the state,” said Knauf.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $176 billion in annual premium, 36 percent of the nation’s property/casualty insurance.  Member companies write 43.8 percent of the U.S. automobile insurance market, 29.6 percent of the homeowners market, 32.8 percent of the commercial property and liability market, and 38.4 percent of the private workers compensation market.