To recap the issues raised during Wednesday’s conference call, here are some of the key media stories, and the messages we’re conveying.
Wall Street Journal editorial page says new Florida governor’s greatest challenge is reforming the state’s property insurance market:
Governor Rick Scott, who took office in January 2011, has his work cut out for him, according to this Wednesday, February 23, WSJ editorial (subscription required). His immediate predecessor, former Governor Charlie Crist, implemented public policies that weakened the state’s private insurance market and socialized the risk of Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund, state-operated institutions that provide insurance and reinsurance, respectively, the WSJ’s editors wrote.
I.I.I. offers U.S. earthquake coverage analysis to reporters covering the quake in New Zealand:
The I.I.I.’s Wednesday, February 23, advisory generated widespread interest from both the U.S. and New Zealand media.Missouri insurance commissioner says fewer people are buying earthquake coverage and earthquake insurance premium rates are rising:
“The products offered by insurance companies are not meeting the needs of Missouri homeowners when it comes to earthquake protection, and it’s now affecting our largest metropolitan area,” Commissioner John Huff stated in this Tuesday, February 22, news release. “Earthquake preparedness will be a major topic in our state in the coming months, and the scarcity of solid insurance products needs to be included in that discussion.”J.D. Power and Associates names six insurers as having ‘achieved excellence in Customer Service’:
Amica Mutual Insurance, Auto-Owners Insurance, Erie Insurance, Farm Bureau Insurance of Tennessee, New Jersey Manufacturers Insurance, and USAA were mentioned in this Thursday, February 17, news release.I.I.I. issues media advisory pegged to upcoming PBS, HBO documentaries on the 100th anniversary of the Triangle Fire in New York City:
The Triangle Shirtwaist Factory Fire, the deadliest workplace disaster before September 11, 2001, occurred on March 25, 2001 and killed 146 workers. The I.I.I. cited the tragedy in this Monday, February 28, media advisory while calling attention to the institute’s workers compensation and business insurance resources. Insurers with workplace safety initiatives are encouraged to let the I.I.I. know about these programs.Auto glass and inflated towing/storage bills topped the list of questionable claims (QC) in 2010:
The National Insurance Crime Bureau’s Wednesday, February 23, news release said that QC’s have risen 24 percent nationally since 2008.New York’s governor scales back the powers housed in the state’s proposed Department of Financial Regulation:
This Wednesday, February 23, Wall Street Journal article (subscription required) reports the Cuomo administration has amended its budget proposal to reduce the state Department of Financial Regulation’s anticipated enforcement authority. That is the entity the governor envisions emerging once the state’s Banking, Insurance and Consumer Protection Board departments are merged into one another.
I.I.I.’s president weighs in on the concept of double indemnity in front page Bergen (NJ) Record story on lost/found antique revolvers:
The I.I.I.’s Bob Hartwig told the Bergen Record in a Monday, February 21, article that an insurer is entitled to its money back when a policyholder finds stolen goods for which the insurer has already paid a claim. In this instance, the city of Paterson, New Jersey, owes Travelers $240,000 in a case dating back to 1998.I.I.I. quoted in New York Times article on unclaimed life insurance policies:
The I.I.I.’s Mike Barry was one of the sources Wealth Matters columnist Paul Sullivan cited in this Saturday, February 26, New York Times piece.U.S. House subcommittee convening on Wednesday, March 9, to discuss reauthorization of National Flood Insurance Program (NFIP):
The NFIP will expire on September 30, 2011, in the absence of Congressional action. Details about the hearing, to be held in Washington, D.C., on Wednesday, March 9, 2011 at 2 p.m., can be found in this news release.
Five U.S. Senators urge president to fill two vacant positions on Financial Stability Oversight Council (FSOC) which were set aside for insurance experts:
The Hill said in this Tuesday, February 22, article that the bipartisan letter was signed by U.S. Senators Ben Nelson (D-Nebraska), Scott Brown (R-Massachusetts), Tom Harkin (D-Iowa), Jon Tester (D-Montana) and David Vitter (R-Louisiana).I.I.I. interviewed twice this week for stories that aired on ABC’s affiliate in Tampa:
WFTS-TV spoke with the I.I.I.’s Lynne McChristian on Monday, February 21, about the sinkhole provision in Florida Senate Bill 408 prior to the Senate’s approval of the legislation. A second interview followed on Thursday, February 24, on staged accidents and an ordinance that the Hillsborough County board of commissioners is considering to license no-fault medical providers.
Texas state lawmakers criticize TWIA’s decision to pay out $160,000 in severance to two former TWIA senior managers:
Jim Oliver, the general manager at the Texas Windstorm Insurance Association (TWIA), came under fire for the circumstances surrounding the departure of these two employees, and the amount TWIA paid them in severance, according to this Tuesday, February 22, Texas Watchdog account of the proceedings.New Orleans Redevelopment Authority (NORA) commissioned study says Louisiana property insurers overstate hurricane-related wind risk:
Applied Research Associates (ARA), NORA’s vendor, found that homes in New Orleans are better built, and the hurricane wind risk is lower, than what is assumed by many insurance companies, according to this Sunday, February 20, Times Picayune article. Louisiana Insurance Commissioner James Donelon questioned ARA’s findings, pointing to the insured losses generated by 2005’s Hurricane Katrina.Former Georgia insurance commissioner gave himself several licenses to sell insurance and adjust claims before leaving office:
Former Commissioner John Oxendine issued these licenses to himself without taking any of the required classes or licensing tests that other Georgians must complete before securing these credentials, according to a front page story in the Sunday, February 20, edition of the Atlanta Journal Constitution.Charlotte Observer reports that North Carolina has rejected a request from the N.C. Rate Bureau to increase homeowners insurance rates by 20.9 percent on average:
The industry is seeking an increase in rates due to higher projected losses tied to hurricanes, according to this Tuesday, February 22, Charlotte Observer story. North Carolina’s insurance department says the Rate Bureau’s accompanying data did not justify the proposed increases. State Insurance Commissioner Wayne Goodwin will hear evidence from both sides at a June 21, 2011, public hearing, to determine whether a rate change is necessary and what the rate change should be.
