Look for significant changes affecting the insurance industry in 2017 some will bring opportunities and others a few headaches.
In its "2017 U.S. Property-Casualty Outlook," a survey of insurance chief risk officers, Ernst & Young highlights some of the factors that will have the greatest impact, such as the estimated 70,000 people who are expected to retire, the Trump administration and its effect on the economy, and the changing regulatory landscape.
|A change in administration
The victory by President-elect Donald Trump has created some uncertainty in the markets.
According to the Ernst & Young outlook, only a moderate 2.1 percent economic growth had been forecast, but now some analysts believe that his intention to cut taxes and increase infrastructure spending could have an even more positive impact, helping to increase growth and long-term interest rates. However, others are concerned that Trump's proposed policies could have the opposite effect, especially when it comes to trade.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
