Yet the biggest question still on everyone’s mind is: “Now what?”
PropertyCasualty360.com has compiled the views of several Property & Casualty insurance industry experts on what a Trump presidency — along with a Republican-controlled Congress — could mean for purveyors of P&C insurance, at least in the short term.
"With this election finally over, it is time to put the interests of the entire country first," the Alexandria, Virginia-based National Association of Professional Insurance Agents said in a statement, acknowledging the divisiveness of the 2016 campaign.
Leigh Ann Pusey, President and CEO of the Washington-based American Insurance Association, said in a statement, "With the election of Mr. Trump as President, Republicans now control both chambers of Congress and the White House. The combination gives us hope that the legislative log jam can be broken.
"The property-casualty industry looks forward to working with the upcoming 115th Congress on significant issues of legislative and regulatory importance," Pusey continued. These include reforming and obtaining a long-term reauthorization of the National Flood Insurance Program; passing comprehensive tax reform that respects the fundamental structural and regulatory differences between insurers and other financial services industries; and finding a solution for insurers that addresses the need for a uniform approach to cybersecurity, she said.
According to Michael Trilli, a senior insurance analyst at Boston-based research company Aite Group, a less regulation-focused administration will allow more opportunities for growth in business, providing carriers more opportunities to underwrite business.
At Suburban, we hope more opportunities will mean more competition – which ultimately will benefit the consumer. Contact us with any questions about your policies or for more information.
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