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Home / Insurance / Triple-I Blog | What the property / non-life insurance industry can expect with the Biden administration

Triple-I Blog | What the property / non-life insurance industry can expect with the Biden administration



January 20 in a historic inauguration ceremony surrounded by US soldiers protecting against domestic terrorism – in front of a field of 200,000 illuminated flags representing Americans unable to attend the ceremony due to the coronavirus pandemic – President Joe Biden and Vice President Kamala Harris swore to service.

Sean Kevelighan, CEO, Insurance Information Institute (Triple-I), today released the following statement:

"Every four years ̵

1; for more than two centuries – the United States has celebrated its constitution, and the historical document invokes" We "the people", through orderly and peaceful transfer of power on top of the executive branch of government. With today's inauguration of President Joseph Biden and Vice President Kamala Harris, the solemn tradition in our nation's capital continues just two weeks after unprecedented lawlessness came over Washington, DC

The US economy faces extraordinary challenges due to COVID-19 -pandemin. Nevertheless, the US insurance industry will continue to provide significant financial protection to individuals and businesses while employing millions of Americans and paying billions of dollars in taxes to support important government services. The industry-supported Insurance Information Institute congratulates the Biden-Harris administration on taking office. We are also ready to provide our policy makers with Triple-I's unique, data-driven insights on insurance to inform public policy.

The Biden administration has listed COVID-19, economic recovery, racial balance and climate change among its top priorities.

In the coming months, the real estate / non-life insurance industry is likely to encounter a frantic pace of legislative activity on many issues affecting its operations. Here are just a few:

Climate Change – Senator Dianne Feinstein's proposed addressing of the Climate Risk Act, intended to help federal regulators understand and mitigate risks from climate change in the financial system, would require a Federal Insurance Office (FIO) ) reports on how to modernize and improve the regulation of climate risk insurance.

"The insurance industry is more directly affected by climate risk than other parts of the financial system," says Feinstein's press release. The report was to be modeled on the FIO's report in 2013 on modernizing the state's insurance rules.

Rep. Carolyn Maloney introduced the Pandemic Risk Insurance Act, which is modeled after the Terrorism Risk Insurance Act adopted after 9/11. However, the bill has not yet received much support. The insurance industry has developed several of its own pandemic risk reduction proposals.

Congress could deliberately approve National Flood Insurance Program most recently enacted with the Biggert-Waters Flood Insurance Reform Act of 2012. [19659002] Full federal marijuana legalization remains intimidating, with a thin Democratic majority, According to Politico, however, some legislation with broader bipartisan support, such as bank access for cannabis companies and medical marijuana research, may have a better chance of advancing. Conflicting state and federal laws have deterred insurance companies from participating in the cannabis-related business market.

An expected increase in the corporate tax rate would mean higher tax liabilities for property / non-life insurers.

Risk-based insurance pricing is an issue that is expected to heat up, and insurers must explain to a new set of legislators that insurance business is dependent on predicting the risk level a policyholder represents and charging a premium corresponding to that risk level.

On January 28, at the Triple-I Virtual Joint Industry Forum, CEOs from five major insurance industry organizations will share their perspectives and priorities for 2021. Click here to sign up for the free event.


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