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, December 17, please email me at michaelb@iii.org.
I.I.I. ISSUED MEDIA ADVISORY TODAY ON INSURANCE COVERAGE FOR DAMAGE CAUSED BY HEAVY SNOW, RAINFALL
The advisory linked to I.I.I. resources as multiple states on the Atlantic seaboard dealt this week with the aftermath of severe weather.
THE NEW YORK TIMES EXAMINES WHETHER HOME INSURANCE POLICIES COVER POLICYHOLDERS WHEN THEY RENT THROUGH AIRBNB
Ron Lieber’s column was prominently placed in The New York Times print edition on Saturday, December 6.
NOAA SAYS NOVEMBER 2014 WAS THE COLDEST NOVEMBER IN THE CONTINGUOUS U.S. SINCE 2000
The average temperature was 39.3 degrees, 2.4 degrees below the 20th century average. The figure also made last month the coldest November in 14 years, according to the National Oceanic and Atmospheric Administration (NOAA).
U.S. INSURANCE INDUSTRY EMPLOYMENT HAS GROWN OVER THE PAST YEAR
For the 12 months ending in October 2014, P/C carrier employment rose by 12,200, or 2.3 percent, to 534,800. Employment by life/annuity carriers grew within this same timeframe by 6,400, or 1.9 percent, to 344,200, the U.S. Labor Department reports.
NATIONAL INSURANCE CRIME BUREAU (NICB) FINDS U.S. VEHICLE THEFTS HAVE DROPPED 58 PERCENT SINCE 1991
The NICB’s report looked at data going back to 1960.
STORIES IN THE WORKS
Bankrate.com’s Crissinda Ponder (why those in their 30s need life insurance) and Jay McDonald (the “hidden costs” of partial life insurance premium payments) are readying stories for that website.
CAPITOL HILL
The U.S. House of Representatives was scheduled to vote late today (December 10) on a six-year Terrorism Risk Insurance Act (TRIA) extension.
The U.S. Senators from New Jersey and New York applauded FEMA’s willingness to review the way it administers the National Flood Insurance Program.
Starting on January 1, 2015, the Occupational Safety and Health Administration (OSHA) will change the way it reports workplace deaths and injuries. OSHA counted 4,405 work-related fatalities nationally in 2013.
STATES
Alabama
Montgomery says it is the first city in the state to earn the highest rating from ISO’s Public Protection Classification program. The designation could favorably impact home insurance rates, according to a news release issued by Mayor Todd Strange.
California
A federal investigation will be undertaken into the massive fire in downtown Los Angeles that caused millions of dollars in damage, and shut down the 110 Freeway, for several hours on Monday, December 8.
Los Angeles wants residential and commercial building owners to strengthen their properties and make them less likely to sustain catastrophic damage from a strong earthquake.
A Torrance-based law firm has filed suit against Pacific Hospital Long Beach’s former owner, who was implicated in a multi-million dollar workers compensation scam affecting more than 300 people.
MBP Insurance Services, Inc. offered and sold unsecured securities based on fraudulent insurance policies as part of an “an $11 million Ponzi scheme.”
Connecticut
The families of 11 of the 20 children killed in Newtown on December 14, 2012, have indicated they may bring lawsuits against the town, the school district, the manufacturer of the gun Adam Lanza used and/or the estate of Lanza’s late mother, Nancy.
Florida
The Palm Beach Post has posted an online guide to more than 100 property insurers, assessing the companies largely on the basis of financial rating assessments and customer complaint records.
Chief Financial Officer Jeff Atwater announced this week the arrest of an Orange County insurance agent who allegedly defrauded clients out of more than $1 million in life insurance premium payments.
Evan Hecht, CEO of the Flood Insurance Agency, told The Gainesville Sun his company moved to Gainesville in August 2013 and now has nine employees.
Louisiana
Property insurance policyholders who have not yet claimed their 2010 Louisiana Citizens Assessment rebate have until December 31, 2014, to do so, according to Insurance Commissioner James Donelon.
The state’s Workforce Commission said Louisiana’s rate of non-fatal work-related injuries and illnesses was the second-lowest in the nation last year, and could result in lower workers compensation rates.
Maryland
The National Transportation Safety Board (NTSB) is investigating the cause of a plane crash in Gaithersburg on Monday, December 8. The accident killed six people.
Missouri
The Department of Insurance is hosting a forum for businesses impacted by the Ferguson riots on Friday, December 12, at the Ferguson Community Center.
New York
Three U.S. magistrate judges will hold a hearing on Wednesday, January 28, 2015, in Brooklyn to review disputed Sandy flood insurance claims, and the role engineering firms played in compiling damage reports.
James River Group, holding company for the insurer Uber uses, is launching an initial public offering (IPO) this week.
South Dakota
Merle Scheiber, director of the state’s Insurance Division since 2005, is resigning effective Tuesday, December 29.
Texas
Insurance Commissioner Julia Rathgeber was named deputy chief of staff to incoming Governor Greg Abbott, and will step down as commissioner effective Tuesday, January 20, 2015.
Typhoon Hagupit caused major damage to the Philippines last weekend, drawing comparisons to 2013’s Typhoon Haiyan. The BBC posted an article showing that lessons learned from Haiyan, which resulted in over 7,000 fatalities, led to the fact there were fewer than 30 deaths caused by Hagupit.
A popular article from PC360 cited the I.I.I. and explained how late November’s Ferguson, Missouri, riots impacted small businesses in terms of insurance and claims filing.
Arson may have caused Monday’s massive fire in downtown Los Angeles, according to the LA Times. One of the most popular images of the fire was posted by The Independent, which showed the blaze at different angles. More photos and information can be found by searching the hashtag #LAFire.
Winter Storm Damon brought as much as 15 inches of snow , heavy rainfall and coastal flooding, to the northeastern U.S. this week. On social, while many complained about cancelled flights and horrible traffic, ski lodges offered a positive spin on the situation.
MEDIA MATTERS
John Mickelthwait, editor-in-chief of The Economist since 2006, will succeed Matthew Winkler as editor-in-chief of Bloomberg early next year. Winkler will become Bloomberg’s editor-in-chief emeritus.
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.
