US political division may impact risk issues

  • John Huff, CEO of Abir

    John Huff, CEO of Abir

The volatile politics of the US could influence some significant issues for reinsurers this year.

That is the view of John Huff, chief executive officer of the Association of Bermuda Insurers and Reinsurers.

Mr Huff, on a panel at the Joint Industry Forum in New York, referred to the uncertainties created by a divided Congress and the US Government shutdown, Business Insurance reported.

“If you think about the National Flood Insurance Programme and flood insurance reform, this is a critical stage as we go through whether there may be some opportunities to shift some of this taxpayer risk to the private market,” Mr Huff said.

Also, the upcoming renewal of the US Government’s terrorism insurance backstop initially created by the Terrorism Risk and Insurance Act of 2002, and better known as Tria, is also a concern.

A divided government may have implications “as we go through TRIA renewal at the end of next year and what it might mean for the private sector to take on more of that risk”, Mr Huff said.

Earthquake risk, particularly as it relates to the mortgage market, could also be influenced by US politics, Mr Huff said. Crop insurance could also see an impact because of implementation of the Farm Bill, he added.

You must be registered or signed-in to post comment or to vote.

Published Jan 23, 2019 at 8:00 am (Updated Jan 22, 2019 at 8:36 pm)

US political division may impact risk issues

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Who are your favourites to win the Cricket World Cup?"
    • Australia
    • 11%
    • Bangladesh
    • 3%
    • England
    • 28%
    • India
    • 17%
    • New Zealand
    • 5%
    • Pakistan
    • 4%
    • South Africa
    • 4%
    • West Indies
    • 27%
    • Total Votes: 3942
    • Poll Archive

    Today's Obituaries

    eMoo Posts