April 27, 2009
News Release 09-033
Inv. No. 332-499
Contact: Peg O'Laughlin, 202-205-1819
RESTRICTIONS HAMPER EFFORTS
OF U.S. PROPERTY AND CASUALTY INSURANCE PROVIDERS
TO EXPAND INTO FOREIGN MARKETS, SAYS USITC
U.S. property and casualty insurance services providers are hampered in their efforts to expand abroad by nontariff measures employed by many countries, and even a small reduction in such measures could increase both cross-border insurance exports and affiliate sales significantly, reports the U.S. International Trade Commission (USITC) in its report Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets.
The USITC, an independent, nonpartisan, factfinding federal agency, completed the report for the U.S. Trade Representative (USTR). The USTR requested the investigation to provide background information for discussions on property and casualty (P&C) insurance taking place in the World Trade Organization and other fora.
As requested, the USITC report provides an overview of the global market for P&C insurance services; examines the nature and extent of trade in P&C insurance services; and identifies and examines policies and practices that affect U.S. firms' access to, and competitiveness in, foreign markets for such services. Highlights of the report follow.
Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets, (Investigation No. 332-499, USITC publication 4068, March 2009) is available on the ITC's Internet site at http://www.usitc.gov/publications/332/pub4068.pdf. A printed copy may be requested by emailing email@example.com, calling 202-205-2000, or writing the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may also be made by fax to 202-205-2104.
ITC general factfinding investigations, such as this one, cover matters related to tariffs or trade and are generally conducted at the request of the U.S. Trade Representative, the Senate Committee on Finance, or the House Committee on Ways and Means. The resulting reports convey the Commission's objective findings and independent analyses on the subject investigated. The Commission makes no recommendations on policy or other matters in its general factfinding reports. Upon completion of each investigation, the ITC submits its findings and analyses to the requester. General factfinding investigations reports are subsequently released to the public, unless they are classified by the requester for national security reasons.