SYNOPSIS – ALL INDUSTRY CONFERENCE CALL April 9, 2014

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 16, please email me at michaelb@iii.org.

 

The Wall Street Journal’s Saturday, April 5, print edition estimated the property damage at $10 million, while the Associated Press said lawsuits against municipalities are tough to win.

On Tuesday, April 8, the Insurance Institute for Highway Safety (IIHS) gave poor overall ratings to the Kia Sorrento, Honda Pilot and Mazda CX-9 after its small overlap front crash test.

The I.I.I. issued a media advisory this week on the affordability and availability of terrorism risk coverage prior to the Boston Marathon bombing’s one-year anniversary (Tuesday, April 15).

The I.I.I.’s Bob Hartwig gave an interview to Bloomberg’s Prashant Gopel, who is exploring whether terrorism risk insurance policy sales grew after the Boston Marathon bombing.

 

The I.I.I.’s Jeanne Salvatore discussed the impact of natural disasters on U.S. insurance markets in this live, Monday, April 7, interview with Arise TV.

 

The I.I.I.’s Mike Barry discussed with CNN Money’s Les Christie an InsuranceQuotes.com study that examined the roles age, gender, and marital status play in auto insurance rating. He also spoke with The Clarion (Mississippi) Ledger’s Jerry Mitchell for an upcoming story he is preparing on the need for uninsured and underinsured motorist coverage, and provided Rochester, NY, TV reporter Alexis Arnold (WHAM-TV) information about how homeowners insurance policies often include ID theft coverage.

The Nuclear Regulatory Commission (NRC) wants U.S. reactors built to withstand major earthquakes, The New York Times reported, in this Saturday, April 5, article.

 

Since the call, legislation was introduced in the U.S. Senate (S. 2244) to extend the Terrorism Risk Insurance Act (TRIA) beyond year-end 2014.

 

About 100 homes in Jefferson and Shelby counties were affected by flooding caused by heavy rainfall on Sunday night, April 6, according to an article in yesterday’s Birmingham News.

 

Insurance Commissioner Dave Jones believes ride-sharing companies should buy insurance for the drivers who work on their behalf, according to a Wednesday, April 9, news release.

 

Three ride-sharing firms have gained access to hundreds of parking spaces, courtesy of a city agency, according to this Wednesday, April 9, San Francisco Chronicle story.

Eviction notices are being issued to people who rent out their residences through Airbnb, The San Francisco Chronicle reported, in this Monday, April 7, article.

People’s Trust canceled nearly 5 percent of its 115,000 home insurance policies, and state law allows them to do so, according to this Tuesday, April 1, Palm Beach Post story.

 

Rep. Randy Hultgren (D-Illinois) delivered the keynote remarks on Monday, April 14, in Chicago, at National Journal’s TRIA Triage: A Discussion of the Terrorism Risk Insurance Act.

 

Seven injuries were reported, and 61 homes damaged, after an EF-2 tornado touched down in Covington County on Monday, April 7, according to FEMA (see page 3).

 

A new state law requires municipalities to adopt stronger, and consistent, building codes effective August 1, this Sunday, April 6, Hattiesburg American article says.

 

The Buffalo News and The Staten Island Advance wrote about a New York Public Interest Research Group (NYPIRG) analysis of education and occupation as auto rating factors.

 

The state Assembly’s Insurance committee held a public hearing in Albany on Thursday, April 10, to examine trends in the auto insurance market.

The Competitive Insurance Act (S. 569) has support in the state Senate and could become law, The Post and Courier reported, in this Tuesday, April 8, article.

 

A 3.1 magnitude earthquake struck Dyer and Lake counties on Monday, April 7, a reminder of its vulnerability to the New Madrid Fault, the Dyersburg State Gazette writes.

 

The state is requesting a presidential disaster declaration for a March 2-4, 2014, severe winter storm, Governor Bill Haslam announced, on Tuesday, April 8.

 

Despite a profitable 2013, the state’s largest home insurers have pending rate hike requests, a Dallas Morning News article said, on Wednesday, April 2, citing a state report.

 

Denton and Krum residents have encountered aggressive roofing contractors since a Thursday, April 3, windstorm damaged their properties, the Denton Record-Chronicle reports.

Auto recalls were a popular topic in social media this week. Toyota announced five recalls on Wednesday, April 9, affecting 6.4 million cars worldwide. People are wondering if their Toyota vehicle is on the recall list and how Toyota’s announcement will affect them. A popular article from CNN Money, which has been re-tweeted over 100 times, goes into more details about the multiple recalls.

 

General Motors (GM) continues to make headlines because of its recalls as well. GM was fined recently by the federal National Highway Traffic Safety Administration (NHTSA) for their late response to NHTSA’s recall questions. Many media outlets have already started comparing the Toyota and GM recalls, and assessing whether Toyota can avert GM’s fate.

DirecTV is returning The Weather Channel to its program lineup, after a months-long dispute between the two companies, The Wall Street Journal reported, on Tuesday, April 8.

 

The Star Ledger, New Jersey’s largest daily newspaper, is laying off nearly 25 percent of its editorial employees.

 

Mark Hollmer is the newest editor at Carrier Management (mhollmer@carriermanagement.com).  He reports to Susanne Sclafane, a senior editor (ssclafane@carriermanagement.com). 

 

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