Speaking Out for Competitive Insurance Rates

“The effects of the BAT will be felt across every business sector, manufacturing, retail, food and beverage, energy, financial services and more. Agriculture will be among those hardest hit.”

“The availability and affordability of property insurance is an issue of great concern in our state. That is why any proposed tax on foreign affiliate reinsurance or international reinsurance would severely limit U.S. insurance capacity and drive up the cost of insurance. This cost increase would be a major threat to businesses, consumers and homeowners in Florida.”

“The border-adjusted tax featured in the Blueprint for Tax Reform by House Ways and Means Committee Chairman Kevin Brady (R-TX), if applied to to international reinsurance, would dramatically reduce the supply and increase the price of reinsurance, upon which our state’s economy depends. All this would result in higher premiums for North Carolina residents and businesses.”

“Congress is going to consider a tax increase on the international insurers that helped our region rebuild and recover from these horrific hurricanes. This tax targets reinsurance – backup coverage – that is obtained outside the United States. By soaking up financial resources that would otherwise be available for capital investment and consumer spending, this tax would discourage economic growth, business starts, expansions, and job creation in our major metropolitan areas.”

“Foreign insurers and reinsurers have a long history supporting our state in the wake of hurricanes. Simply put, our current Florida insurance marketplace cannot exist without it. Our system is not perfect, but Floridians cannot afford to lose the stability we have gained through managing our risk with this very important tool…international reinsurance.”