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, August 17, please email me at michaelb@iii.org.
I.I.I.’s NEW PRESIDENT & CEO TAKES OFFICE
Sean Kevelighan officially joined the I.I.I. on Monday, August 8, and can be reached via email at seank@iii.org. He was most recently Group Head of Public Affairs, Zurich Insurance Group.
INSURANCE INDUSTRY CHARITABLE FOUNDATION (IICF) IS HOLDING ITS 10th ANNIVERSARY BENEFIT DINNER IN NYC ON WEDNESDAY, DECEMBER 14
To be held at the Waldorf Astoria Hotel, the IICF’s Northeast Division has already named two of the evening’s special guests: former major league baseball star Rusty Staub and Super Bowl-winning head football coach Thomas Coughlin.
CBS’s 60 MINUTES TO REBROADCAST STORY ON UNCLAIMED LIFE INSURANCE POLICIES
The I.I.I.’s Steve Weisbart appears in the segment, which premiered on Sunday, April 17, and will be shown again this Sunday at 7 p.m., EST.
U.S. P/C CARRIER EMPLOYMENT GREW BY 1.6 PERCENT BETWEEN JUNE 2015 AND JUNE 2016
The Bureau of Labor Statistics (BLS) reports carrier employment rose year-over-year by 8,200, to 525,600, having risen in seven of the last eight months. The I.I.I.’s analysis of the BLS numbers are online.
WALL STREET JOURNAL EXAMINES GROWTH OF THE CATASTROPHE BOND MARKET OVER THE PAST 20 YEARS
Catastrophe bonds have increased the volatility of insurance markets, with the supply of capital now being subject to the broad forces of the bond market, according to this Monday, August 8, front page WSJ article.
STORIES IN THE WORKS
The I.I.I.’s Loretta Worters worked with Risk Management’s Caroline McDonald (Canadian wildfires), Georgia Daily Report’s Greg Land (uninsured/underinsured drivers), and Think Glink Media’s Dustin Pellegrini (outdoor recreational facilities and homeowners insurance).
Insurance Journal is examining an auto insurer’s controversial bid in Maine to raise its private-passenger rates on drivers aged 65 and over.
The I.I.I.’s Michael Barry spoke with Benefits Pro’s Alan Goforth (life insurance sales trends) and Antonita Devotta of Thomson Reuters (Massachusetts’ new ride-sharing law). Devotta is a new financial regulation correspondent at Thomson Reuters (Phone: 646-223-4770, email: antonita.devotta@thomsonreuters.com). She will contribute to Regulatory Intelligence, one of its subscription-only products.
CAPITOL HILL
U.S. House Speaker Paul Ryan easily won a GOP primary yesterday in Wisconsin.
STATES
California
Insurance Commissioner Dave Jones issued a news release today (August 10), asking Consumer Watchdog to retract a statement it issued yesterday regarding one of the state’s largest auto insurers.
A magnitude 5.1 earthquake rattled rural Lake County yesterday (August 9) with no reports of damage or injuries. The epicenter was about 115 miles northwest of Sacramento.
A federal jury found Pacific Gas and Electric Co. (PG&E) guilty of five counts of safety violations connected to the September 2010 gas pipeline explosion in the city of San Bruno that killed eight people.
The Pilot Fire (San Bernardino County) has burned nearly 8,000 acres, prompting the voluntary and mandatory evacuation of thousands of homes.
The mother of one of the San Bernardino terrorists is unable to gain access to the $275,000 in life insurance proceeds left to her by her son, following a federal judge’s ruling.
Colorado
The Wall Street Journal (subscription only) reports a typical developer’s insurance costs per condo unit are more than three times that of similarly sized apartments because of the state’s construction-defects laws.
Connecticut
U.S. House Members are urging insurers to join a financial assistance fund created by the state’s attorney general to help homeowners cover the cost of replacing failing foundations.
A Vernon home was destroyed, cars were damaged, and six individuals injured after a propane gas leak went undetected late last week, investigators told NBC’s Hartford affiliate.
Florida
The I.I.I.’s Lynne McChristian was interviewed by Tampa’s ABC affiliate about flood insurance as heavy rainfall continued to hit the state this week.
Florida is home to the nation’s worst drivers, according to an in-depth analysis from SmartAsset.
Four companies were approved by the Office of Insurance Regulation to participate in the September and October take-out period for Citizens Property Insurance Corporation.
The Boca Raton-based National Council on Compensation Insurance (NCCI) is now providing access to its filings via the I-File Form and Rate Filing Search System.
Kansas
The death of a 10-year-old boy on a Kansas City amusement park water slide on Sunday, August 7, prompted renewed calls for greater federal oversight of these parks.
Louisiana
A tornado touched down in the Treme section of New Orleans on Thursday afternoon, August 4, causing extensive property damage.
State Judge Stephen Enright has dismissed Jefferson Parish’s lawsuit against oil companies accused of damaging coastal wetlands.
Mississippi
A federal judge denied a tugboat owner’s request to be reimbursed for oil spill cleanup costs after one of its tugboats pushed a barge into the Vicksburg railroad bridge in 2013, spilling 7,100 gallons of crude oil.
Missouri
A 2.8 magnitude quake this week in East Prairie prompted the Insurance Department to issue a news release on the importance of buying earthquake coverage.
Montana
The president declared a major disaster in Fallon County following a tornado that hit the area on June 11, 2016.
New Jersey
More than 40 people were injured after a railing collapsed at a rap concert on Friday, August 5, in Camden.
New York
A 39-year-old New York Police Department (NYPD) officer from Hempstead (Nassau County) was charged with insurance fraud.
Wisconsin
The president declared a major disaster in eight counties hit by severe storms and flooding during July 11–12, 2016.
SOCIAL MEDIA REPORT
CBS’s 60 Minutes
The I.I.I. will track the social media reaction to the Sunday, August 14, re-broadcast of a 60 Minutes segment on unclaimed life insurance policies.
Know Your Stuff Influencer Campaign
The I.I.I. will be promoting its Know Your Stuff app in the coming weeks on social. We are currently collaborating with influential lifestyle bloggers, such as San Francisco-based tech journalist Michael Sheehan (@HighTechDad), to showcase the app to wider audiences via blogging and social. You can keep a look out for these bloggers’ posts on the I.I.I.’s Facebook and Twitter channels and download the app at knowyourstuff.org.
California’s Wildfires
The #BigSur and #Soberanes fires are getting moderate attention on social. For up-to-date information on these fires and additional incidents, follow the California Fire Department on Twitter at @CAL_FIRE, as well as the I.I.I.’s Janet Ruiz at @InsuringCAL. On a different subject: you can inform your audiences about earthquake safety drills by following the @ShakeOut campaign on social.
MEDIA MATTERS
Business Insurance is closing. The August 1, 2016, print edition was BI’s final issue.
The Houston Chronicle’s La Voz, its Spanish print newspaper, is being discontinued. Olivia Tallet is remaining with the Chronicle, although she is leaving the business desk.
The preliminary auction for Gawker Media Group’s assets ends on Monday, August 15.
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.
