The American Insurance companies are not immune to the Federal Government shut down
The American Government shutdown will not immediately affect the federal flood insurance program, which will continue to sell and service all of its policies and products, or indeed the federal crop insurance program. According to many officials that have been interviewed and questioned about the current state of affairs, they do not see any immediate or seriously damaging impact for their normal business from the shutdown if it is resolved quickly.
long term government shutdown would however be a grave cause of concern to all of the American Insurance industry according to Charles Symington the Senior Vice President of external and government affairs for the Independent Insurance Agents and Brokers of America (Big “I”).
Earlier this year, 2013 – the American Insurance Association was one of 236 (two hundred and thirty six) organizations that agreed to, signed and presented a United States Chamber of Commerce letter calling for the House of Representatives and the United States Senate to ensure the “uninterrupted funding” of the federal US government into next year.
The letter included the following:
“It is certainly not in the best interests of the employers, employees or the American people to risk a government shutdown that will beyond any doubt be economically disruptive and damaging and will continue to create even more economic uncertainties for the United States of America.” Likewise, we respectfully urge the United States Congress to raise the debt ceiling in a timely manner and remove any threat to the full faith and credit of the United States government.”
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