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, April 10, please email me at michaelb@iii.org.
INSURERS RECEIVED HIGH MARKS FOR SETTLING PROPERTY CLAIMS AFTER THE EXTENSIVE NATURAL DISASTERS OF 2011 AND 2012
Customer satisfaction with their property claim experience remains “high and stable,” according to J.D. Powers and Associates’ 2013 Property Claims Satisfaction Study. Released on Monday, April 1, overall satisfaction in the study was 832, on a 1,000 point scale, whereas that figure stood at 833 in 2012, 821 in 2011 and 818 in 2010.
A.M. BEST SAYS FUTURE AVAILABILITY AND AFFORDABILITY OF PRIVATE TERRORISM REINSURANCE IS A RATING CONCERN
A.M. Best’s analysis of Congressional efforts to extend the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) beyond 2014 are in this Monday, April 1, briefing memo.
USA TODAY ARTICLE EXAMINES THE PROS AND CONS OF PURCHASING A TRAVEL INSURANCE POLICY
The I.I.I.’s Jeanne Salvatore is quoted in this Wednesday, April 3, USA Today article, along with the U.S. Travel Insurance Association’s spokeswoman.
WALL STREET JOURNAL, CFO MAGAZINE READYING PIECES ON HOW INSURERS ARE MEETING THE CHALLENGES POSED BY SEVERE WEATHER
The I.I.I.’s Bob Hartwig spoke this week with WSJ economics editor and columnist David Wessel, as well as CFO writer Russ Banham, about the challenges of running an insurance company, or a reinsurer, in the midst of increasingly volatile and costly natural disasters in the U.S. Wessel’s piece could appear as early as the week of April 8-12 while CFO is publishing its story in its May 2013 edition. In other WSJ news, the I.I.I.’s Salvatore met on Wednesday, April 3, with editor Charles Wells about the role she’ll play as a member of the paper’s Experts Panel. Panelists will write blog entries and tape video segments for the WSJ’s website.
CONSUMER REPORTS, NEW JERSEY PAPER, CLAIMS JOURNAL AND PROPERTY INSURANCE REPORT CONTACTED THE I.I.I.
The I.I.I.’s Loretta Worters spoke with Consumer Reports’ Jeff Blyskal about uninsured motorist coverage, the Bergen Record’s Rich Newman about the reasons New Jersey’s urban drivers pay more for auto insurance than rural residents and Claims Journal magazine’s Lori Widmer about insurance coverage for sinkholes in Pennsylvania. In addition, Property Insurance Report is preparing a small article pegged to a Milliman report which estimated what Sandy’s insurance payouts would have been, if the storm had triggered the imposition of hurricane deductibles.
CAPITOL HILL
Rep. Carolyn Maloney’s(D-New York) Firearm Risk Protection Act would require gun buyers to have “a qualified liability insurance policy” before they are able to purchase a firearm, according to this Tuesday, April 2, article in The Daily Caller.
Rep. Albo Sires’ (D-New Jersey) Homeowners and Taxpayers Protection Act of 2013, which calls for creating a federal backstop to pay for natural disasters, was highlighted in a front page story that appeared in the Monday, April 1, print edition of The Bergen Record.
The Financial Stability Oversight Council (FSOC) is holding on Thursday, April 4, a meeting that will not be open to the public, even though Members of Congress and the Government Accountability Office have criticized FSOC for “failing to provide sufficient information about its decision-making process,” AM Best reported, on Tuesday, April 2 (subscription required).
STATES
Arkansas
Attorney General Dustin McDaniel said his office will investigate the oil pipeline rupture that prompted the Friday, March 29, evacuation of 22 homes in Mayflower, Arkansas, about 20 miles northwest of Little Rock. The AG’s announcement was the lead story on the Little Rock CBS affiliate’s Tuesday, April 2, 6 p.m. news broadcast.
California
Los Angeles Superior Court Judge Gregory Alarcon set aside a California Department of Insurance (CDI) regulation in a decision announced last week. One of the regulation’s most contentious provisions governs how policyholders are notified about their home’s replacement cost value, according to this Monday, April 1, article in Capitol Weekly.
Robert Herrell’s first day as the CDI’s Deputy Commissioner and Legislative Director was Monday, April 1. Herrell worked for Insurance Commissioner Jones when Jones was in the state Assembly.
Colorado
Colorado Springs released a detailed report on the city’s efforts to combat June 2012’s Waldo Canyon fire on Wednesday, April 3. The Colorado Springs Gazette summarized its findings.
Florida
Two Seffner homes were condemned this week by Hillsborough County. Both residences flanked the property where a sinkhole killed Jeffrey Bush on February 28, according to this Tuesday, April 2, article in The Tampa Bay Times. The I.I.I.’s Lynne McChristian is quoted.
The state Senate wants to reduce a fee for Florida drivers by rescinding an insurance industry tax break, the Tampa Bay Times reported, in this Thursday, March 28, article.
Louisiana
Insurance Commissioner Jim Donelon gave a live interview to WWL, a New Orleans news radio station, on Tuesday afternoon, April 2, about the coming premium rate hikes for the region’s National Flood Insurance Program (NFIP) policyholders as well as the state of the Louisiana homeowners insurance market.
Mississippi
The Biloxi Sun Herald is closely covering a federal trial that began this week in Gulfport. Testimony is focusing on how State Farm adjusted some of its Katrina claims.
Missouri
The U.S. Geological Survey said a magnitude 2.7 earthquake occurred on Tuesday evening, April 2, with the epicenter registered southeast of Portageville, Missouri.
New Jersey
The American Arbitration Association will serve as the administrator of the state Banking and Insurance Department’s mediation program for disputed Sandy insurance claims, according to this Thursday, March 28, article in The Star-Ledger.
New York
The New York Journal published on Tuesday, April 2, an op-ed entitled, “Insurance After Sandy: Seeking Coverage in Face of Flood Exclusions.”
“In the Wake of Sandy Claims, Here Come the Lawyers,” Crain’s New York Business reported, in this Friday, March 29, article.
The Department of Financial Services is promoting in a TV ad campaign highlighting its efforts to aid Sandy-impacted consumers who have had disputes with either their bank or their insurer, or both.
Oregon
The U.S. Army Corps of Engineers is assessing the potential damage an earthquake in the Cascadian Subduction Zone could cause to 20 dams in Oregon and southern Washington, according to this Monday, April 1, Associated Press article.
Washington
A major landslide knocked one home off its foundation and imperiled the structural integrity of nearly a dozen other residences, on Whidbey Island, overlooking Puget Sound, on Wednesday, March 27, according to this same-day story at KOMO 4 News in Seattle.
SOCIAL MEDIA REPORT
The I.I.I.’s Beyond Thunder Dumb: When Lightning Strikes video is the first item listed at the National Weather Service’s Lightning Safety page.
The I.I.I.’s news release on five ways to track down a lost life insurance policy is getting pickup on Twitter with insurance agents and companies sharing along with consumer groups.
Business insurance is another trending topic on Twitter, with people focusing on disaster preparedness and recovery. The I.I.I.’s statistics and content on business insurance are being shared by insurance agents and small business owners.
Finally, gun owner liability conversations are appearing on both Facebook and Twitter again this week, with conservative groups posting about proposed liability laws and often expressing their strong disagreement about the impact these laws would have, if enacted.
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.
