WASHINGTON–Insurance industry trade groups are taking strong offense to pre-holiday remarks by Florida Gov. Charles Crist that the industry is "breaking its promises" to cut homeowners' insurance rates to Florida residents.

Comments by Property Casualty Insurers Association of America (PCI) and the National Association of Mutual Insurance Companies (NAMIC) are in reaction to remarks made by Gov. Crist, published by the South Florida Sun-Sentinel on July 3.

Gov. Crist contended that the industry is "asking the state to assume more risk on its behalf" in the wake of sweeping legislative action by the governor and state legislature earlier this year, designed to lower soaring rates for coastal residents prompted by the growing number and strength of hurricanes in the region.

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