As we approach the 2024 presidential election, insurance agency owners should be aware of how potential policy changes could impact their businesses and personal finances. At ALKEME, we are always telling insurance agencies that they need a plan for the future, and it has never been more important than now. While the ultimate outcomes remain uncertain, here are some key areas to watch:
Both major candidates have proposed significant changes to the tax code, though in different directions:
Regardless of who wins, the expiration of key provisions from the 2017 Tax Cuts and Jobs Act in 2025 means major tax changes are likely coming. Agency owners should prepare for potential shifts in both personal and business tax planning.
The candidates have divergent economic visions that could impact agency growth and valuations:
Both approaches carry risks and uncertainties for the broader economy. Agency owners should closely monitor economic indicators and be prepared to adapt their business strategies accordingly.
Potential changes to healthcare policy could significantly impact the insurance landscape:
Agency owners specializing in health insurance should be particularly attuned to these potential shifts and how they might affect their product offerings and client base.
The regulatory approach of the next administration could have far-reaching effects on the insurance industry:
Agency owners should stay informed about potential regulatory changes and be prepared to adjust their compliance strategies as needed.
While the full impact of the election remains to be seen, one thing is certain: change is coming. The next few years are likely to bring significant shifts in the tax, economic, and regulatory landscape that will affect insurance agency owners.
Now is the time to start scenario planning, consulting with financial advisors, and ensuring your business is agile enough to navigate an uncertain future. By staying informed and proactive, agency owners can position themselves to thrive regardless of the election outcome.
If you would like to learn more about how a partnership with ALKEME could help your agency navigate an uncertain future, please reach out today.
