Trump presidency could benefit business, Zurich boss says

Global insurer’s finance chief believes that Trump’s campaign promises could play to the advantage of insurance companies

Insurance News

By Louie Bacani

While some business leaders are wary of the looming Trump presidency, the finance boss of one of the biggest global insurers is upbeat on how the next US president and his administration can affect companies.
In an interview with CNBC late last week, Zurich CFO George Quinn said that some of the campaign promises made by US President-elect Donald Trump could play to the advantage of insurers.
Quinn said Trump’s proposals could create a favourable climate for Zurich’s two large businesses.
“Some of the commitments that the president has made around infrastructure spend and changed tax reform could be very beneficial, could prompt some growth,” CNBC quoted Quinn as saying in an online report.
“And of course if the US economy grows given the size of the business we have there, this could be very beneficial for us,” he added.
But regardless of how Trump’s policies will shake up the US and the world, Quinn said Zurich is prepared for the potential impact.
“We’ll cope with whatever changes emerge in the US, we’re an adaptable organization,” he told CNBC. “I guess it’s not clear yet so it’s very hard to be concrete about what’s to come.”
Trump was elected last week as the 45th US president in a stunning upset win over Hillary Clinton.

Unlike Quinn, Allianz CEO Oliver Bäte earlier expressed pessimism over a Trump presidency as he warned of possible slowdown in international trade.
“I expect an expansionary fiscal policy but also a tendency towards a protectionist trade policy with far-reaching negative consequences for the global economy,” Bäte told the Financial Times last week.

Related stories:
What next for health insurance now Trump is President-elect?
Allianz CEO warns over Trump presidency

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