Lee-Ann-Pusey, AIA

Following the 2014 election, there are a number of legislative and regulatory issues that could impact the insurance industry.  Here, American Insurance Association (AIA) President & CEO Leigh Ann Pusey, says the new Congress may focus on tax reform, which could affect the Life and Property/Casualty side of the insurance business.  According to Ms. Pusey, the U.S. has not had significant tax reform for 20 years.  While reforms could take 2-4 years to implement, it will be a challenge Congress is likely to take up.

Cyber risk continues to be a hot topic for top executives in the industry. Ms. Pusey believes the industry is still trying to understand the risk, and find talent to develop and price products/solutions so insurers can grow in the cyber insurance arena. Meanwhile, policymakers are looking for ways to encourage information-sharing and review laws on privacy, which will impact insurers.

Ms. Pusey also sees hope for trade agreements that will help the insurance industry grow outside the U.S. While Congress and the White House have been stymied on a number of pending trade issues, there is optimism as Republicans and Democrats appear to be in agreement on increasing trade.

With a different majority in charge in State Legislatures,  where there was a great deal of turn-over among Governors, Ms. Pusey believes the insurance industry will be looking for action on issues such as Legal/Tort Reform, Asbestos and Bad Faith at the State and Federal level.

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