Bob Hartwig Discusses How Mid-Term Elections Will Affect Insurers

Nov 9, 2022 / by AAIS

As a part of the AAIS Pulse: Chicago presentation, Dr. Bob Hartwig discussed the current economy, inflation, Hurricane Ian and much more. In particular, he touched on this year's mid-term elections and what he anticipates for insurance carriers.

Hartwig shared, "The U.S. mid term elections typically run against the current administration that's in office and so the general expectation is that the Republicans will retake the House of Representatives and it will be anybody's guess how the Senate turns out. Either way, it's going to be a very narrow majority...we could potential have a status quo in the Senate."

Unfortunately from looking at what might potentially happen in Washington per the mid-term elections, Hartwig foresees all kinds of accusations and impeachment proceedings being threatened, and this will not create a productive environment to get things done that are going to move this country forward -- not just for the benefit of the insurance industry, but for the American public and economy.

"We are looking at a situation where we are in somewhat of a quagmire politically at least for the next couple of years," admits Hartwig. He did share he hopes he's wrong with this outlook, and hopes for a compromise that results in agreements by the House and the Senate and by the President to move us forward, especially in terms of the fragile nature of the economy.

Hartwig also anticipates a recession happening, and the question is what will be the reaction in Washington associated with that -- will there be an agreement on anything, or will it all fall to be dealt with primarily by the Federal Reserve? 

To hear more about his insights regarding the mid-term elections and how they affect the insurance market, please click the video above.

Tags: Insights, Issues & Trends, AAIS News & Views, AAIS Insights, AAIS Pulse, Pulse Chicago


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