Reinsurance execs express reservations over Trump
An online poll of re/insurance executives, including respondents from Bermuda, has shown that a clear majority of them have serious concerns about the election of Donald Trump as President of the USA.
The poll, conducted by Bermuda Re’s sister publication Intelligent Insurer in the 24 hours before the election result in the US, showed that only 35 percent of readers felt Trump would be the best US President for the global re/insurance industry. In contrast, 63 percent felt Hillary Clinton would be good for the industry; 4 percent wanted neither candidate.
Respondents were also asked to state a reason for their answers and these were both stark and illuminating.
While a number of respondents highlighted their dislike for Trump with a number describing him a sociopath, a bully, a ticking time bomb and insane, many also stressed the stability and thought-out economic policies they felt Clinton would have brought to the role, which would maintain the status quo.
“She has election programme and her policy extended Obama policy, which was a reasonable and balanced policy,” one said. Another added: “She has a better overall economic plan and a better true understanding of the way business works.”
Several noted that they felt Clinton would have been better equipped to manage foreign affairs and negotiate to lower global tensions and conflicts; a number of respondents also felt there was less likelihood of increased trade barriers under Clinton.
“Trade barriers between US and other countries are less likely under Clinton than under Trump,” one said. Another added: “She is more interested in global business and free trade. Trump will try to put up barriers that could have a negative impact on all global business.”
However, within the 35 percent that backed Trump, many also made some interesting comments on why they felt he would be a good thing for the re/insurance industry.
A number stressed the point that he is a businessman first and foremost with no agenda of his own. “Trump is a successful businessman and will not be influenced by the special interest groups who traditionally have not had the welfare of the US in mind, but for their own greed,” one pointed out.
Another added: “Trump would facilitate greater economic growth through tax cuts for corporations and individuals and reduce regulatory burdens.”
Several also felt Trump would also be likely to have a lighter touch on regulation, which would suit the re/insurance industry.
“I anticipate reduced government intervention and less federal oversight of financial services industry,” one respondent said.
