To recap the issues raised during last 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, February 22nd, please email Michael Barry at michaelb@iii.org.
CONSUMER FEDERATION OF AMERICA (CFA) CRITICIZES AUTO INSURERS ON THE ISSUE OF NOT-AT-FAULT DRIVERS
The CFA wants regulators to prohibit private-passenger auto insurers from using a policyholder’s not-at-fault designation as a rating criterion. The I.I.I. conducted interviews with The Associated Press, The Baltimore Sun, The Chicago Tribune, CBS MarketWatch, The Kansas City Star, and a producer with ABC’s Good Morning America (GMA). GMA is weighing whether to do a story on the issue.
I.I.I.’s CHIEF ACTUARY CHALLENGED PROPUBLICA STORY’s PREMISE IN INTERVIEW ON AUTO INSURER PRICING
The I.I.I.’s James Lynch told ProPublica senior editor Julia Angwin in a Monday, February 13, phone interview that ProPublica's model is flawed. ProPublica is planning a story which suggests major private-passenger auto insurers in four states (California, Illinois, Missouri, and Texas) routinely overprice policies in minority-majority ZIP codes. Lynch explained how the mix of drivers in a ZIP code create the pricing discrepancies ProPublica’s model found.
I.I.I.’s CHIEF ECONOMIST TO CONDUCT MARCH 15 WEBINAR ON THE INSURANCE INDUSTRY’S FINANCIALS
The I.I.I.’s Steven Weisbart will discuss the financial performance of U.S. insurers on Wednesday, March 15, at 11 a.m., ET. To register for the free webinar, send an email to Ms. Lilia Giordano at liliag@iii.org.
JANUARY 2017’s U.S. NATURAL DISASTERS CAUSED MORE THAN $1 BILLION IN ECONOMIC LOSSES, AON BENFIELD REPORTS
The January 21-22 tornadoes prompted state of emergency declarations in Georgia and Mississippi while California’s heavy rainfall caused flash flooding and mudslides.
I.I.I. ISSUED NEWS RELEASE ON WINTER COVERAGE MATTERS AS BLIZZARD HIT MULTIPLE NORTHEASTERN STATES
The I.I.I.’s Jeanne Salvatore conducted on Thursday, February 9, an interview on the topic with Reuters TV, the same day the snowstorm hit the U.S.’s East Coast.
STORIES IN THE WORKS
The Wall Street Journal’s New York City-based Rich Teitelbaum is seeking subject matter experts who can discuss cyber insurance for manufacturing firms and companies who’ve recovered from cyberattacks.
Newsday’s Maura McDermott wants sources to explain how much a Long Island, NY, homeowner can save on flood insurance through mitigation (e.g., elevating their property). Her story will run on Sunday, March 5.
The I.I.I.’s Lynne McChristian taped an interview with Paul LaGrone, a reporter with Tampa, Florida’s ABC affiliate, regarding assignment of benefits reform and how rating agency downgrades impact property insurers.
The I.I.I.’s Michael Barry briefed USA Today online reporter Mina Haq on the ways policyholders can save money on auto insurance.
Chuck Ringwalt, a reporter with Columbia, South Carolina’s CBS affiliate, is gathering information about dissatisfied policyholders impacted by the state’s October 2015 and October 2016 flood events.
CAPITOL HILL
The heads of the American Insurance Association and National Association of Mutual Insurance Companies are testifying on Thursday, February 16, at a Congressional hearing on the U.S.-European Union Covered Agreement.
Steven Mnuchin was sworn into office this week as U.S. Treasury Secretary.
A federal judge in Texas upheld the U.S. Department of Labor’s Fiduciary Duty Rule in an 81-page ruling.
The three insurers who’ve been given a systematically important financial institution (SiFi) designation may have it removed, if legislation favored by U.S. Rep. Jeb Hensarling (R-Texas) is enacted, CNBC reported.
STATES
California
The mandatory evacuations near the Oroville Dam were lifted even as more heavy rainfall was forecast for later this week in northern California.
The I.I.I. issued a news release yesterday (February 14) on flood insurance and preparedness as concerns over the Oroville Dam prompted evacuations in Butte, Sutter, and Yuba counties.
FEMA said federal emergency aid has been made available to those same three counties due to the potential failure of the Oroville Dam’s emergency spillway.
KPCC Radio spoke with Mark Sektnan, president of the Association of California Insurance Companies (ACIC), as part of a story on auto insurers’ use of a policyholder’s occupation as a rating criterion.
Eight cars were burned, and seven people were injured, after a fire broke out on Monday, February 13, at a Disneyland parking lot in Anaheim.
Federal funding is available to local governments for either the replacement or repair of facilities damaged by the severe winter storms, flooding, and mudslides of January 3-12, 2017.
Florida
A Palm Beach Post editorial says it is time to bring water damage claims abuse under control.
Demotech said it has suspended previously written guidance on 57 of the property insurers it reviews, rates, and follows, with about five percent of Florida’s home insurance market likely impacted by the news.
Journal of Insurance Regulation published a paper co-authored by the I.I.I.’s McChristian on insurance for driverless vehicles.
Georgia
FEMA mitigation experts will be at the Lowe’s in Albany from Thursday, February 16, through Tuesday, February 21, to answer questions, and offer home rebuilding tips, to residents recovering from January 2017’s storms.
Former I.I.I. president Robert Hartwig is testifying at a Wednesday, February 22, state Senate hearing in Atlanta on the issue of auto insurance.
Louisiana
The president issued a major disaster declaration for the parishes of Livingston and Orleans, making federal financial assistance available to individuals affected by the Tuesday, February 7, tornadoes and straight-line winds.
Governor John Bel Edwards also wants individual federal financial assistance made available to residents of Ascension and St. James parishes, other communities impacted by last week’s tornadoes in southeastern Louisiana.
Michigan
The U.S. Attorney’s Office announced a fifth person pled guilty to operating a staged accident ring in the western part of the state from 2012 to 2015.
Missouri
Governor Eric Greitens has appointed Chlora Lindley-Myers to lead the state’s Department of Insurance.
North Carolina
Former Insurance Commissioner Wayne Goodwin was elected chair of the state’s Democratic Party.
The city of Washington (Beaufort County) approved the collection of accident response fees from at-fault drivers.
Oklahoma
In previewing the February 13-15 National Tornado Summit in Oklahoma City, the Associated Press thought the state’s earthquakes would likely be a focus of discussion among Summit attendees.
Tennessee
The Department of Commerce & Insurance is hosting a forum on Thursday, February 16, from 5 to 7:30 p.m., in Gatlinburg to provide assistance to property owners impacted by the Sevier County wildfires.
Texas
Multiple tornadoes touched down near Houston yesterday (February 14), causing property damage and injuring seven people, The Weather Channel reports.
Washington
Life insurers sent $21 million in unclaimed life insurance proceeds to the state over the past two years, with only 13 percent of those monies having been collected to date by beneficiaries, Seattle’s NBC affiliate found.
SOCIAL MEDIA REPORT
Consumer Federation of America’s Feb. 13 teleconference
The CFA story on not-at-fault insurance has been getting some pick-up from online media outlets but little attention on social. To drive the conversation, the CFA is using the hashtag #fixcarinsurance, although their posts and the hashtag have been receiving negligible engagement. You can follow the CFA on Twitter at @ConsumerFed.
Oroville Dam
Northern California’s Oroville Dam has remained a major topic on social over the past few days. The mandatory residential evacuations have been lifted as governmental officials now believe the Dam can handle the next storm. The I.I.I. is currently highlighting its facts and statistics content on man-made disasters to give context to the story. Use the hashtag #OrovilleDam or #OrovilleSpillway to track the conversation on social.
I.I.I.’s Chief Actuary is live-tweeting from a Reinsurance Association of America (RAA) conference
The I.I.I.’s Lynch is live-tweeting this week from the RAA’s Cat Risk Management Meeting in Orlando, Florida. Follow our @III_Research account for live updates and the hashtag #CatRisk17 to track the discussion.
“My Career In Insurance” Talent Page
The I.I.I. launched its “My Career In Insurance” Talent page this week. The weblink is highlighted on the I.I.I.’s website. The page includes facts and stats on the industry, insurance career resources, and career portals. Use the hashtag #InsuranceCareersMonth and #CareerTrifecta to join the conversation on social.
MEDIA MATTERS
Noah Oppenheim was named president of NBC News.
Jon Hilsenrath was promoted to Global Economics Editor at The Wall Street Journal.
i24 NEWS, a channel owned by the U.S. arm of Altice, the European telecom company, premiered on Monday, February 13.
Pew Research released a report on How Americans Encounter, Recall and Act Upon Digital News.
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.
