Political polarisation poses a major challenge for US insurers, according to Transamerica’s senior director for financial policy, Bill Schwegler.
Schwegler will speak at InsuranceERM’s Insurance Risk & Capital Americas in-person conference on 26 September. Speaking to InsuranceERM ahead of the event, he said: “We thrive in a stable regulatory environment. When you have political polarisation, you have increasing likelihood of a back and forth.”
Earlier this month, a hearing of the US House Financial Services Subcommittee on Housing and Insurance highlighted the extreme political nature of the country’s debate on climate risk and its impact on insurance markets.
When it comes to climate, Schwegler said US insurers focus on the topic of resilience and “are not typically entering into the larger question of whether society ought to be transitioning away from fossil fuels.”
He added: “We also have the dynamic where states that are not satisfied with where the Federal government is going are moving ahead and creating their own laws. The state of New York has already done that. This is going to create more challenges for the insurance industry.”
The Insurance Risk & Capital Americas conference will be held at Convene, 117 West 46th Street in New York. The event offers valuable opportunities to network and share ideas and gain new perspectives from insurance chief risk officers (CROs) chief actuaries, chief investment officers, chief sustainability officers, as well as industry regulators in North America.
The agenda feature two tracks covering all aspects of enterprise risk management and investment strategy for re/insurers in North America. This includes panel discussions and presentations from CROs, chief investment officers, and chief executives at re/insurers.
Topics to be discussed include:
- A keynote address on the future of artificial intelligence
- Dealing with inflationary risk
- Geopolitics and the implications of a polarised political landscape
- The fallout from the banking stress in the US
- Headwinds for CROs and the long-term outlook for the insurance industry
- Operational and cyber resilience in the supply chain
- Human capital risks
- Navigating sustainability risks and opportunities
- Risks and opportunities in the commercial real estate space
- Liquidity risk management in the new rate environment
To view the agenda and register, please click here.
Companies:Transamerica
People:Bill Schwegler
