To recap the issues raised during Wednesday’s conference call, here are some of the key media stories, and the messages we’re conveying.
If there is a subject you would like to see addressed on Wednesday, May 2, please email Mike Barry at Michaelb@iii.org.
I.I.I. FINDS 93 PERCENT OF 2011’s INSURED CATASTROPHE LOSSES IN ALABAMA OCCURRED DURING ONE WEEK IN APRIL
The I.I.I.’s Thursday, April 19, news release generated widespread media coverage in Alabama in advance of the one-year anniversary of the deadly tornadoes that struck northern Alabama on April 27, 2011. The I.I.I.’s Bob Hartwig was interviewed for this Thursday, April 19, segment on WCFT-TV, the Birmingham-based ABC affiliate, as well this Saturday, April 21, article in The Birmingham News.
WALL STREET JOURNAL, NEW YORK TIMES GIVE PROMINENT COVERAGE TO SETTLEMENT ON UNCLAIMED LIFE INSURANCE POLICIES
The Wall Street Journal’s print edition (subscription required) had an article on MetLife’s resolution of multi-state examinations related to unclaimed property and the company’s use of the Social Security Death Master File on the front page of the WSJ’s Tuesday, April 24, Money & Investing section. The New York Times placed its story on the same topic on the front page of its Business Day print version, also on April 24.
J.D. POWER AND ASSOCIATES FINDS THAT CUSTOMER SATISFACTION WITH THE AUTO CLAIMS EXPERIENCE HAS FALLEN SLIGHTLY
U.S. customer satisfaction with the auto claims experience has dropped within the past year to 842 from 855, on a 1,000-point grading scale, according to a study released by J.D. Power and Associates on Wednesday, April 18. The findings were based on responses J.D. Power received in January and February 2012 from more than 3,700 auto insurance policyholders who had filed a claim within the past six months.
TENNESSEE REPORTERS READYING STORIES ABOUT THE REGION’S FLOODS; INSURANCE-RELATED WEBSITES FOCUS ON VARIOUS MATTERS
The Associated Press’ Memphis-based Adrian Sainz (Phone: 901-525-1972, email: asainz@ap.org) wants to write about the insured flood losses incurred in April/May 2011 in western Tennessee, while the Nashville Tennessean’sGethan Ward (Phone: 615-726-5968, email: gward@tennessean.com) is researching the claims payouts arising from the May 2010 Nashville floods. The website stories in the works include a Jay MacDonald piece for Bankrate.com on coverage for self-storage units, a Greg Shulas article for The Financial Times Company-owned Money-Media.com on insurance markets and which ones are growing, and a Mark Henricks piece for the Intuit-owned Mint.com on the market value of U.S. homes, and how this impacts home insurers.
FEDERAL NEWS
The Independent Insurance Agents and Brokers is holding its 2012 Legislative Conference and Convention at the Grand Hyatt Hotel in Washington, D.C., April 25-27. Rep. Aaron Schock (R-Illinois) was their Wednesday, April 25 luncheon speaker. Senator John Thune (R-South Dakota) and Rep. John Barrow (D-Georgia) addressed the group on Thursday, April 26.
The Heartland Institute assailed FEMA’s call for a two-year Congressional reauthorization of the National Flood Insurance Program in its current form in a Tuesday, April 24, statement.
The Medicare Secondary Payer and Workers’ Compensation Settlement Act of 2012 is about to be introduced in the U.S. House of Representatives, according to the America Insurance Association. It is aimed at resolving the routine delays and confusion in the review of workers compensation Medicare set-aside arrangements. The lead co-sponsors of the bi-partisan legislation are Rep. Dave Reichert (R-Washington) and Rep. Mike Thompson (D-California).
STATE NEWS
Texas
U.S. Transportation Secretary Ray LaHood addressed the media on Thursday morning, April 26 at The Westin La Cantera Resort as part of that day’s first Texas Distracted Driver Summit. USAA and the Texas Department of Transportation were among the hosts of the event.
Tennessee
Property insurers are expected to seek significant premium rate increases in 11 states, including Tennessee, according to this Wednesday, April 25, article in The Chattanooga Times Free Press, which cited the Consumer Federation of America as the source for that information. Tennessee was among the states hit by the severe tornadoes that struck the U.S. during late April 2011.
Florida
Florida Governor Rick Scott used his line-item veto to eliminate on Friday, April 20, the Florida Insurance Tax Pre-Payment program, which could have adversely impacted the finances of the Florida Hurricane Catastrophe Fund, according to this Wednesday, April 25, Miami Herald editorial. The paper supported the governor’s veto of this measure.
The I.I.I.’s Lynne McChristian attended the Citizens Property Insurance Corporation’s board of governors meeting on Thursday, April 26, in Tampa. Citizens wants Florida’s insurance agents to interact electronically with Citizens personnel, and is considering a per-minute phone levy that would be charged to agents who insist on calling Citizens.
Alabama
WCFT, the ABC affiliate in Birmingham, will be broadcasting its Focus at 4 program live from Tuscaloosa starting at 4 p.m. on Friday, April 27. April 27 is the first anniversary of the tornadoes which killed hundreds in northern Alabama and caused, along with other natural disasters during late April 2011, nearly $3 billion in insured claims payouts in the state.
The Mobile Press-Register’s editorial board, in an article published on Tuesday, April 24, argued that a statewide building code is needed to improve the structural integrity of properties throughout Alabama. The paper also criticized Alfa, one of the state’s largest insurers, for blocking insurance reform legislation during the current session in Montgomery.
Mississippi
A Mississippi state judge has ruled that the state’s $1 million cap on non-economic (e.g., pain and suffering) damages is unconstitutional, although Judge Charles Webster’s decision is not likely to change the 2004 state law any time soon because Mississippi’s Supreme Court is also considering a challenge to it, according to this Tuesday, April 24, Associated Press story, which was posted at The Clarion-Ledger’s website on Wednesday, April 25.
Maryland
The I.I.I.’s Bob Hartwig made a Power Point presentation in Towson, Maryland, on Tuesday, April 24, which included a labor market review as well as a summary of property/casualty insurance industry financial performance in the U.S., Maryland, and other mid-Atlantic states.
Maine
Maine Governor Paul LePage has signed into law a worker’s compensation reform bill that is being characterized as pro-business while receiving criticism from labor unions, according to a Thursday, April 19, Associated Press story. This Bangor Daily News article offers details on the House version of the new law, and how close the vote was.
New York
Buffalo’s CBS affiliate broadcast a segment on what residents of western New York should do if they believe they might be the beneficiary of an unclaimed life insurance policy. The story was aired on Tuesday evening, April 24, and the I.I.I.’s editorial content on the topic was highlighted at WIVB-TV’s website.
Michigan
Detroit drivers could see their premium rates drop starting in October 2012 if they are covered through Michigan’s assigned-risk pool, according to a story in the Wednesday, April 25, edition of The Detroit News. The I.I.I.’s Hartwig is quoted in the article saying significant rate reductions will only come about through reform of Michigan’s no-fault system.
SOCIAL MEDIA REPORT
An article posted to the Fox Business Network’s website, Is a Car Accident a Lottery Ticket? quotes the I.I.I. and has appeared on numerous auto blogs. Bloggers are using the piece to call for improved efforts to combat auto insurance fraud. The article originally appeared at carinsurance.com.
Financial Literacy Month is still trending this week; insurance companies are encouraging people to review their policies and make sure they are up-to-date. The approach of hurricane season is also being used as a good reason to check policies.
I.I.I.’s home inventory app is being shared on Twitter and Facebook by insurance agents and individuals who are recommending it as a great way to take a home inventory.
The I.I.I. is cited regularly in the media as an authoritative source of insurance information. To access the current I.I.I. press clips, click here
For an I.I.I. Blog search, click here.
