Election 2020: Key decisions for the insurance industry

Here's how insurance commissioner races and key ballot measures played out on Nov. 3rd, 2020.

Here is how P&C insurance issues played out on Election Day 2020. (Photo: Chris Nicholls/Shutterstock)

Election Day 2020 is now in the rearview mirror. Although the presidential race hangs in the balance at the time of this article, other key races and issues have been decided.

The National Association of Professional Insurance Agents (PIA National) released a statement commenting on the current state of the election: “Regardless of the outcome of the outstanding races, PIA National will continue to advocate on behalf of independent insurance agents on vital issues like relief for small businesses struggling due to COVID-19, planning for a future pandemic, reform of the National Flood Insurance Program (NFIP), protection of the state insurance regulatory system, support of the federal crop insurance program, and permanent tax relief for pass-through entities,” said Jon Gentile, vice president of government relations.

Below is a round-up of Election Day decisions germane to the P&C insurance industry.

Insurance Commissioner races

Congress

Thirty-five Senate seats were up for grabs on ballots this year. As of 12 p.m. ET on Nov. 4th, Senate control is unclear; both parties hold 47 senate seats, with two independents caucusing with the Democrats and six seats remaining undecided.

Democrats flipped senate seats in Arizona and Colorado with the election of John Hickenlooper and Mark Kelly, respectively. Republican Tommy Tuberville flipped Alabama’s seat.

The U.S. House remains a Democrat majority.

Ballot measures

Proposition 22 passed in California. The measure exempts ridesharing and gig-delivery companies, such as Uber, Lyft, and DoorDash, from the state’s test to reclassify workers as employees. The approval also is expected to affect gig-worker regulations in other states, says the Insurance Information Institute (Triple-I).

New Jersey and Arizona voters approved the legalized use of recreational marijuana, and South Dakota legalized marijuana for both medical and recreational use. Ballot votes to legalize recreational marijuana in Montana and medical marijuana in Mississippi are not yet determined. Before the election, 11 states and Washington, D.C., legalized the full adult-use of cannabis.

Washington, D.C., voters passed Initiative Measure 81 that decriminalizes the use of magic mushrooms and other psychedelic substances, according to unofficial election results. Oregon also became the first state in the U.S. to decriminalize small amounts of heroin, cocaine, and other street drugs.

Florida passed Amendment 2 to raise the state’s minimum wage from $8.56 to $15 per hour. The incremental strategy begins with raising the minimum wage to $10 per hour on Sept. 30, 2021, with $1 increases per year until 2026.

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