SYNOPSIS ALL INDUSTRY CONFERENCE CALL December 19, 2012

If there is a subject you would like to see addressed on Wednesday, January 2, please email Mike Barry at Michaelb@iii.org

 

The I.I.I.’s 2013 Insurance Fact Book as well as the 2013 Financial Services Fact Book, a partnership between The Financial Services Roundtable and the I.I.I., are now available.

The National Association of Insurance Commissioners’ (NAIC) Tuesday, December 18, news release on its report offers details.

A.M. Best attributes the higher figure to the increasing cost of individual claims, plaintiffs’ attorneys’ successes, and the long latency periods for serious illnesses such as asbestosis.

Marc Lifsher of the Los Angeles Times contacted the I.I.I.’s Bob Hartwig about a piece he is doing on liability associated with businesses that sell guns, an issue which will likely come to the fore more frequently in the wake of the Friday, December 14, Newtown, Connecticut, massacre….The I.I.I.’s Steve Weisbart briefed Consumer Reports on the issue of medical payments and personal injury protection (PIP) auto insurance coverages for a upcoming article on the topic….Patrick Rucker, a Washington, D.C.-based Reuters reporter, is in the earliest stages of developing a major piece on climate change and its insurance implications….The I.I.I.’s Jeanne Salvatore spoke with The Wall Street Journal’s Rachel Ensign for an upcoming WSJ story on how to insure an engagement ring.

The I.I.I.’s Salvatore is one of the subject matter experts quoted in a matte release article Olgivy PR has developed for FEMA on flood insurance. The article will be placed in publications in the Pacific Northwest. Meanwhile, the I.I.I.’s Weisbart will serve as one of the commentators on March 1, 2013, at the Rutgers-Camden, New Jersey Law School’s conference on Fragmented Risk. Rutgers Professor Jay Feinman, author of Delay, Deny, Defend, is the organizer and invited the I.I.I. to participate.

The Insurance Institute for Highway Safety (IIHS) briefed the group on its new frontal crash test, which they conducted on 2013 midsize, moderately priced cars. The IIHS news release on their findings was issued on Thursday, December 20.

 

The National Highway Traffic Safety Administration (NHTSA) has upgraded its investigation of loose floor mats in some Ford Motor Co. Fusion, Lincoln MKZ and Mercury Milan cars that may jam accelerator pedals. The probe began in May 2010 and now covers about 480,000 cars from model years 2008 to 2010. While no crashes or injuries have been reported, some drivers have complained that they have had to shift into neutral, or shut down the engine, in order to slow their car down, according to this Friday, December 14, Bloomberg article.

 

Coastal property owners in communities such as Ocean City, Little Egg Harbor, Margate, Longport and Brigantine, will be paying significantly more for flood insurance, if a FEMA proposal is enacted, according to this Saturday, December 15, Press of Atlantic City article.

 

House Bill 119, a major law aimed at reducing no-fault auto insurance fraud, fully takes effect on January 1, 2013, according to this Tuesday, December 18, I.I.I. news release. The NBC affiliate in Fort Myers may do a story on the issue.

 

The Sarasota Herald Tribune reported on Friday, December 14, that Florida’s Citizens Property Insurance Corporation will conclude 2012 with 9 percent fewer policyholders than Citizens had at its peak.

 

Support has waned considerably for Citizens’ proposed surplus notes program, according to this Thursday, December 13, Florida Current article.

The I.I.I.’s Hartwig spoke with The Wall Street Journal’s Leslie Scism, and the South Carolina Insurance News Service’s Russ Dubisky gave an interview to the WSJ’s Atlanta-based Valerie Bauerlein, about the flaws in Dr. Bruce Ferguson’s white paper on the state’s property insurance market. An article on the subject is not imminent.

 

U.S. Rep. Tim Scott, who once owned an independent insurance agency, was appointed to fill the U.S. Senate seat being vacated by outgoing Senator James DeMint.

 

CNN founder Ted Turner’s son, Robert E. “Teddy” Turner IV, indicated on Monday, December 17, that he would run in the special election for the U.S. House seat now held by Rep. Scott.

Louisiana has for the third consecutive year been named in The American Tort Reform Association’s (ATRA) annual Judicial Hellholes Report, according to a story posted on the New Orleans Times-Picayune’s website on Thursday, December 13.

 

Louisiana Insurance Commissioner Jim Donelon has announced that new interactive guides on the Department of Insurance website are available to help consumers compare homeowners and auto insurance rates, according to this Wednesday, December 19, story in The Baton Rouge Advocate.

Governor Martin O’Malley said on Friday, December 14, that President Obama had approved an Individual Assistance disaster declaration for Somerset County for damages from Sandy. The Individual Assistance declaration will make federal funds available to homeowners, renters and business owners who suffered property damages as a result of the storm.

The topic of holiday home safety is trending this week, with the focus on how to protect your home from a break-in. Consumer protection blogs and insurance agents are sharing the I.I.I.’s tips on this topic. There is also some buzz on Twitter about winter storms, with insurance and disaster preparedness organizations encouraging homeowners to check their coverage—especially in areas impacted by Sandy. 

 

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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