The Re-Election and Its Implications for the Insurance Industry

The re-election of Barack Obama as president of the U.S. will serve as an omen: current policies will be maintained.

The implementation of the Dodd-Frank financial services reform law is included as well as healthcare reform.

 “This was a status quo election,” says Eli Lehrer, president of the Washington-based R Street Institute.

“The Senate will stay Democratic and the House Republican. President Obama will stay in the White House,” Lehrer notes. “Although the Democrats far-better-than-expected performance in the Senate may indicate a small national move to the left, this isn’t a real sea change.”

Efforts for creation of a national catastrophe fund will go nowhere in this Congress, Lehrer says. “Given that National Flood Insurance Program reform was one of the few major issues where we saw bipartisan cooperation in the last Congress, I believe that will continue.” 

Regarding healthcare reform, Ethan Rome, executive director of Health Care for America Now, says, “After two years of raging debate about health care and the most expensive and polarizing presidential election campaign in our nation’s history, Obamacare won tonight – and it’s here to stay. The re-election of President Obama seals the deal.”

The election could have implications for the Terrorism Risk Insurance Act as well, which expires Dec. 31, 2014. Lehrer says, “Any sort of TRIA reauthorization faces a real struggle and I would doubt that the program will survive in its current form. That said, the very nature of the terrorist threat means that something, somewhere will probably continue to exist.”

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