NEW YORK–The Democratic takeover of Congress will not result in a major impact on the property-casualty insurance sector, a leading trade group representative told industry executives here yesterday.
“We don't expect a seismic shift,” said Marc Racicot, president of the American Insurance Association, speaking at the 18th Annual Executive Conference for the Property Casualty Industry.
“Our political system goes through these seismic shifts very seldom,” Mr. Racicot said at the event sponsored by Ernst and Young and National Underwriter. He noted the gains made by the Democrats were par for the course for the sixth year of a Republican Congress and presidency.
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