To recap the issues raised during this week’s conference call, here are the key media stories we discussed, and the messages we’re conveying.
If there is a subject you would like to see addressed on Wednesday, April 22, please email me at michaelb@iii.org.
THE INSURANCE INFORMATION INSTITUTE (I.I.I.) UNVEILS ITS NEW, ONLINE BUSINESS SECTION
The I.I.I.’s comprehensive section is tailored to the needs of business owners. Categories include articles and instructive videos on types of business insurance, how to pick the right coverage, risk management, liability, and links to I.I.I. research and statistics.
I.I.I. ISSUES NEWS RELEASE, VIDEO ON IMPORTANCE OF HAVING FLOOD INSURANCE AS WINTER STORMS GIVE WAY TO SPRING SHOWERS
The multi-media package was issued through PR Newswire on Monday, April 13, and features an interview with the I.I.I.’s Jeanne Salvatore.
INSURE.COM SAYS MICHIGAN IS THE MOST EXPENSIVE STATE FOR AUTO INSURANCE WHILE MAINE IS THE LEAST COSTLY
The website offered details on its findings this month.
COLORADO STATE UNIVERSITY’S (CSU) TROPICAL METEOROLOGY PROJECT ENVISIONS RELATIVELY QUIET 2015 ATLANTIC HURRICANE SEASON
CSU’s initial forecast calls for seven named storms, three hurricanes, and one major hurricane (Category 3, or higher). The typical season has 12 named storms, six hurricanes, and three major ones.
APRIL WILDFIRE RISK SEEN AS ‘ABOVE NORMAL’ IN ALASKA, CALIFORNIA, AND THE NORTH CENTRAL UNITED STATES
The National Interagency Fire Center’s report focused on southern Alaska, southern California, and the states extending from Montana eastward to Michigan. Their findings were also discussed in Claire Wilkinson’s Terms + Conditions blog.
2015 INSURANCE BAROMETER STUDY FINDS MOST AMERICANS OVERESTIMATE HOW MUCH IT COSTS FOR A 30-YEAR-OLD TO BUY A TERM LIFE INSURANCE POLICY
A non-smoking, healthy 30-year-old would pay $160 annually for a 20-year, $250,000 term life policy, the study says. That figure is well below the $400 the typical LIFE Happens and LIMRA survey respondent estimated this same policy would cost.
STORIES IN THE WORKS
The I.I.I.’s Loretta Worters was quoted in this Wall Street Journal Total Return blog item (subscription required) on the link between speeding tickets, and what a driver who receives one pays for auto insurance.
The I.I.I.’s Salvatore will be appearing live on The Weather Channel on Thursday morning, May 7, discussing the issues raised in the I.I.I.’s spring cleaning news release.
The I.I.I.’s Salvatore was interviewed about coverage for pothole-caused auto damage for this New York City NBC affiliate segment. It aired last night (April 14) and was the result of a tweet Salvatore sent on the topic.
The I.I.I.’s Salvatore spoke to Catherine Fredman of Consumer Reports Money Advisor for a column on the insurance coverage someone needs if they are renting out their home this summer.
The I.I.I.’s Michael Barry provided insured home theft payout figures to Willoughby Mariano of The Atlanta Journal-Constitution, discussed with Ernie Garcia of The (NY) Journal News the insurance considerations involved in hiring a home contractor, and briefed
Tim Grant of the Pittsburgh Post-Gazette on the policy changes made this month to FEMA’s National Flood Insurance Program (NFIP).
CAPITOL HILL
The U.S. Department of Transportation’s National Distracted Driving Enforcement campaign concludes today (April 15). Since April 10, local law enforcement has been aggressively ticketing drivers who are texting, or using mobile devices, while behind the wheel.
STATES
Alabama
The state's House of Representatives passed a bill requiring motorcycle operators to take a rider safety course, or a written test, to get a Class M endorsement on their driver's license.
Arizona
Governor Doug Ducey signed into law last week a measure reducing the insurance premium tax rate to 1.7 from 2 percent, starting next year, the Associated Press reported.
California
A 3.5-magnitude quake, which had its epicenter about two miles northwest of Inglewood, was felt widely throughout the Los Angeles area on Sunday evening, April 12.
Connecticut
The president declared a major disaster exists in three counties—New London, Tolland, and Windham—following the severe winter storm of January 26-28, 2015.
Florida
The state’s Cabinet authorized The Florida Hurricane Catastrophe Fund’s (FHCF) purchase of $1 billion in reinsurance coverage, at a cost to the FHCF of $68 million. The reinsurance coverage kicks in after the FHCF pays out $12.5 billion in losses, Bloomberg says.
The state’s Office of Insurance Regulation (OIR) has approved in 2015 the removal of up to 582,236 policies from Citizens Property Insurance Corporation. To date, 110,529 policies have left Citizens this year, an OIR news release stated.
Illinois
Governor Bruce Rauner declared DeKalb and Ogle counties state disaster areas after two deaths, dozens of injuries, and property damage were caused by tornadoes on Thursday, April 9. Every home (75) in Fairdale (DeKalb County) was either damaged or destroyed, FEMA said.
Louisiana
The 2012 formation of a 29-acre sinkhole in Assumption Parish is one of the reasons the state is asking local governments to account for sinkholes when developing their hazard mitigation plans, Houma Today reports.
Maine
State lawmakers considered on Tuesday, April 14, a measure to raise the mandatory auto insurance policy minimum liability limits. Maine’s current minimums are 50/100/25.
Massachusetts
Daniel Judson, the president of Commonwealth Automobile Reinsurers (CAR), is reportedly Governor Charlie Baker’s choice to become the state’s next insurance commissioner.
The president declared a major disaster exists in 10 counties following the severe winter storm of January 26-28, 2015.
Missouri
Motorcyclists who are at least 21 years old, and have $50,000-plus in personal medical insurance, would not have to wear a helmet, under legislation being considered by state lawmakers, according to KMBC.
New York
The New York Daily News and Newsday reported in their Wednesday, April 15, editions, that the Department of Homeland Security determined FEMA cannot legally pay the legal fees of NFIP policyholders who are litigating against FEMA their disputed Sandy flood claims.
Federal Insurance Office (FIO) director Michael McRaith delivered, on Friday, April 17, at 9 a.m., the keynote address at Current Issues in Insurance Regulation, 2015, a program held at the New York City Bar Association’s main office.
The New York Times reports Airbnb’s new liability coverage is not available to its hosts outside the United States and, in a separate article, examined whether U.S. life insurers are using captive reinsurers to get around higher regulatory reserve requirements.
Ohio
The monies from a $420 million settlement over excessive workers’ compensation premiums will be paid to tens of thousands of small-business owners in mid-June, according to The Columbus Dispatch.
Oklahoma
The Oklahoma Corporation Commission has never denied a disposal well permit because of seismicity concerns, according to a New Yorker magazine (April 13) story. The piece focuses on the debate over whether hydraulic fracturing is causing more earthquakes in the state.
Pennsylvania
Bucks County prosecutors have charged four family members with conspiring to collect inflated insurance payments after three fires occurred over a five-year (2009-2013) period at their New Hope residence.
Texas
Heavy rainfall flooded cars, residential properties, and municipal roads in Fort Worth on Monday, April 13, according to Dallas-Fort Worth’s ABC affiliate.
SOCIAL MEDIA REPORT
The deadly northern Illinois tornado was a big topic in social this week. One of the stories circulating involves a DeKalb County farmer who had just rebuilt his home after losing it to a fire only to have the structure destroyed by a tornado on Thursday, April 9.
The farmer had no insurance on the rebuilt home. In the wake of the tornadoes, social media commenters are asking for tornado recovery donations while also warning storm victims of potential contractor and insurance scams.
Many are still upset over 2014’s Homeowner Flood Insurance Affordability Act. An article from the Associated Press has been widely circulated throughout social. It offered details about how the federal law impacted FEMA NFIP policyholders.
The I.I.I. updated its online business section, featuring articles packed with useful information for small-to-medium sized businesses. In addition, the I.I.I. created a Small Business Tips Pinterest board.
MEDIA MATTERS
ABC’s Evening News drew more viewers over the past two weeks than NBC’s Nightly News, the first time that has happened since 2007.
CNN aired a documentary last night (April 14) marking the fifth anniversary of the Deepwater Horizon disaster in the Gulf of Mexico.
News Corporation, which owns Fox News Channel and The Wall Street Journal, may move its New York City headquarters to lower, from mid-town, Manhattan, The New York Times reports.
Brian Williams was considered as a possible Tonight Show host, according to former General Electric (GE) Chairman Jack Welch, who headed GE when GE owned NBC.
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