The Insurer TV by Reuters Features Scott Seaman in a Discussion on the Future of ESG and the Impact of Trump Administration Policies on Insurers
Scott Seaman, Co-Chair of Hinshaw's global Insurance Services Group, was a featured guest on a recent episode of The Insurer TV by Reuters. In the discussion with host George Abbott, Seaman shared his insights on the future of environmental, social, and governance (ESG) regulations for the insurance industry under the new Trump Administration.
Seaman explained that, although federal ESG regulations may become less stringent, insurance companies must anticipate having to comply with state ESG laws, particularly in light of strict climate mandates from states like California and any application of international laws such as regulations from the European Union (EU). Insurers must also respond to the demands of various stakeholders. However, fossil fuel companies will likely see fewer restraints on their ability to purchase insurance.
With the Trump Administration focused on reducing inflation, Seaman looked at the anticipated impact of efforts to reduce economic inflation and taxes, which, if successful, would help insurers as businesses, could reduce business and claims costs, and create a larger insurance market. He identified three types of inflation affecting insurers: social inflation, economic inflation, and green inflation.
Seaman noted that reducing economic inflation could limit social inflation and reduce nuclear jury verdicts, which he suggested are sticky downward. He discussed the Trump Administration's early executive orders transitioning away from diversity, equity, and inclusion (DEI) in favor of a merits-based approach.
Finally, Seaman discussed the role of artificial intelligence (AI) in the insurance industry and the impact of the California wildfires.
View the full episode (subscription may be required).
- "Hinshaw's Seaman: Trump administration set to end ESG pressure on insurers" was published by The Insurer TV on January 29, 2025.