SYNOPSIS ALL INDUSTRY CONFERENCE CALL April 4, 2012

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 11, please email Mike Barry at Michaelb@iii.org

 

The I.I.I.’s Bob Hartwig was quoted in this next-day story in The Wall Street Journal (subscription required). The aftermath of the Tuesday, April 3, tornadoes, which swept through the Dallas-Fort Worth region, was chronicled by The Weather Channel’s website.  It was the lead story on the NBC Evening News with Brian Williams on Wednesday, April 4, a program which aired this segment two days earlier regarding public skepticism about tornado warning systems. Meanwhile, the Associated Press reported millions of dollars in claims payouts were likely.

 

The I.I.I.’s Steve Weisbart was cited in this The Wall Street Journal (subscription required) article on Wednesday, April 4, the same day Colorado State University researchers announced they envision the Atlantic basin will be the site in 2012 of 10 named storms, 4 hurricanes and 2 major hurricanes. The latter are defined as hurricanes with sustained winds of at least 111 miles per hour (category 3, or higher). These numbers are below the National Hurricane Center’s (NHC) seasonal average of 11 named storms, 6 hurricanes, and 2 major hurricanes. Effective Tuesday, May 15, 2012, the federal government is implementing a number of changes to the way the NHC classifies and publicizes tropical storms.

The I.I.I.’s Hartwig, who has a driver’s and a pilot’s license, discussed the insurance implications for a flying car with Smart Money for this Tuesday, April 3, article. The New York International Auto Show, where this vehicle will be unveiled, begins on Friday, April 6, and continues through Sunday, April 15.

JD Power and Associates issued on Monday, April 2, a report which found that property insurers’ scores in this category improved to 833 from 823, on a 1,000-point scale, when claims filed in 2011 were compared to those from 2010.

The NYSE offered details on Hanover’s participation in its Wednesday, April 4, closing bell ceremony in a Friday, March 30, media alert.

The accident occurred on Tuesday evening, April 3, on the far West Side of Manhattan, where the Metropolitan Transportation Authority is extending a city subway line.

Cars that can detect whether a driver is drunk are years away from making it onto U.S. roadways, the Wall Street Journal (subscription required) reported, in this Wednesday, April 4, piece.

 

The I.I.I.’s Mike Barry taped an interview on the topic with WCBS-TV on Wednesday, April 4, and the story is scheduled to air on Friday, April 6, during their 5 p.m. news program.

The Financial Stability Oversight Council (FSOC) issued its final rules on the regulation of non-bank financial companies on Tuesday, April 3.

 

The Federal Advisory Committee on Insurance’s (FACI) first meeting on Friday, March 30, generated little media coverage besides this same-day Best Day News story (subscription required).

 

The CBS affiliate in Spartanburg, South Carolina, broadcast this segment on Tuesday, April 3. It discusses how auto glass repair companies aggressively market their services in South Carolina because it is one of only four states nationally that does not allow insurers to collect a deductible for auto glass work from their policyholders. Russ Dubisky of the South Carolina Insurance News Service contributed to the CBS story, and is helping Eric Flack, a reporter with Louisville’s NBC affiliate, who is investigating a Kentucky-based auto glass repair company.

Consumer Watchdog earned more than $850,000 in 2011 via California Department of Insurance (CDI) intervenor fees, one of Proposition 103’s lesser-known legacies. California Assembly Bill 52, now stalled in the state Senate, would allow Consumer Watchdog to profit from intervening in health insurer rate filing cases that came before the CDI, if the law were enacted.

 

Colorado Division of Insurance representatives assisted the Lower North Fire wildfire victims in Conifer, Colorado, between Saturday, March 31, and Monday, April 2. This news article, which was mentioned during our media call, incorrectly reported state insurance division representatives would be in Conifer between Saturday, April 7 and Monday, April 9.

The I.I.I.’s Jeanne Salvatore and Elianne Gonzalez met with Univision’s Channel 23, in Miami, on Friday, March 30. The I.I.I., the Florida-based Latin American Association of Independent Agents (LAAIA), and Spanish-speaking volunteers from FEMA’s National Flood Insurance Program (NFIP) are joining forces to set up an on-air Channel 23 consumer telephone Helpline in May 2012. It will allow Univision viewers to call in with their insurance questions, and receive professional responses. To promote the telephone Helpline, a series of consumer information segments will be aired featuring Ms. Gonzalez. Univision’s Channel 23 often receives complaints about Florida’s insurers, and this will give the industry a great opportunity to educate the  public and enhance its relationship with Univision, one of the most-watched TV channels in U.S. The I.I.I. organized a successful telephone Helpline last year with Univision’s New York station, Channel 41, and plans are underway to organize another one prior to the 2012 hurricane season.

Insurance Commissioner Ralph Hudgens spoke in this Tuesday, April 3, segment with Atlanta’s NPR affiliate, WABE, 90.1 FM, about the importance of disaster preparedness, having the right coverage and knowing how to file a claim.

The Mobile Press-Register posted on Saturday, March 31, a detailed article discussing how insurers use credit-based insurance scores, and said Alabama insurance regulators may revisit the ways the scores are employed when rating a prospective policyholder or pricing a product.

The future of Missouri Employers Mutual Insurance Company, the state-created workers compensation insurer that has been criticized by the state auditor for taking advantage of a federal tax exemption while spending heavily on employee perks, has been a hot topic among state lawmakers, according to this Sunday, April 2, Associated Press story.

The New Jersey state comptroller issued a detailed report on how the Delaware River Port Authority (DRPA) disburses its insurance brokerage fees, on Thursday, March 29.

The Philadelphia Inquirer, the Philadelphia Daily News, and philly.com were sold this week for $55 million to Interstate General Media, LLC.

 

The Texas tornadoes, which damaged hundreds of homes and buildings near Dallas, were an important topic this week. Journalists and insurance organizations are tweeting about the estimated damages and statistics on the increase in the number of severe weather events in recent years. A common theme among these posts is caution about the expected rise of homeowners insurance rates.

 

Another trending topic this week is the development of a flyingcar. It is really more of a small airplane that is also drivable on land and auto insurance blogs are discussing the insurance implications of such a vehicle. The I.I.I.’s Hartwig told Smart Money (article is linked above) there is no current insurance product for a flying car and that one would have to be developed. The auto blogs are also talking about how impractical and unsafe this type of vehicle is, and how crashes could be more costly, prompting very high insurance rates for those who purchase a flying car.

 

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

 

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