BestWeek: Insurance Industry Displays Cautious Optimism After Surprising Trump, GOP Victory
November 12, 2016 by Rick Cornejo
OLDWICK, N.J. – Insurance trade groups expressed optimism that President-elect Donald Trump and the Republican-controlled 115th Congress would pursue a new agenda that would reduce federal regulation and support industry-friendly legislation to improve the business environment, according to the latest edition of BestWeek.
Also featured in this week’s BestWeek:
— Incumbent North Carolina Insurance Commissioner Wayne Goodwin lost his seat, Washington Insurance Commissioner Mike Kreidler won a fifth term and Republicans appeared to have won two of three open insurance commissioner seats as of the morning of Nov. 9. Colorado voters soundly defeated a ballot initiative that would have created a $25 billion single-payer health care system. In North Carolina, Mike Causey needed five tries, but he will finally take his seat in the insurance commissioner’s chair. On Nov. 8, he won a razor-thin victory by defeating Democrat Goodwin, who was seeking a third term.
— Mutual insurers are a growing attraction as clients for reinsurers, not only because mutuals make reliable clients, but also as an alternative source of business in a segment badly in need of alternatives. The increased interest is coming from all regional levels — international, national, one-state and mostly regional, said Chuck Chamness, president and chief executive officer of the National Association of Mutual Insurance Companies.
BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, visit www.ambest.com/sales/BestWeek. Go to www.bestweek.com on your iPad or mobile device, click on the BestWeek edition.
Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.
(By Rick Cornejo, managing editor, BestWeek: Rick.Cornejo@ambest.com)
