Statement from John P. Murphy
State Affairs Manager
National Association of Mutual Insurance Companies
RE: New York Legislature, ‘Sandy’-Related Bills
“NAMIC urges the New York state Senate to reject the package of Sandy-related bills that the Assembly passed during the week of June 3. Although the bills purport to benefit consumers, their enactment would have the opposite effect. New York has enjoyed a stable insurance market with dozens of insurance companies offering consumers needed coverage at competitive prices, but these bills will likely increase costs and adversely impact the availability of insurance.
“Insurance companies kept their trust with policyholders after Sandy, paying out more than $10 billion, and despite the enormous number of claims, less than 1 percent resulted in complaints.
“While not perfect, the property/casualty insurance system worked extremely well. However well-intentioned the Sandy-related legislation may be, the practical result is enactment of these measures will have a chilling effect on an otherwise vibrant and responsive marketplace – to the ultimate detriment of New Yorkers.”
Public Affairs Director - State & Policy Affairs