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, March 2, please email me at michaelb@iii.org.
GOOGLE COMPARE IS CLOSING IN MARCH 2016
In an email to its partners on Monday, Google announced that Google Compare’s U.S. and U.K. services would be shutting down on Wednesday, March 23. Google Compare enables California drivers to get quotes for auto insurance. The website launched in March 2015.
COST OF AUTO INSURANCE IN THE U.S. ROSE 5.4 PERCENT OVER THE PAST YEAR
The Bureau of Labor Statistics (BLS) announced the figure after comparing the cost of auto insurance nationwide between January 2015 and January 2016.
FOUR MID-ATLANTIC STATES SEEK MAJOR FEDERAL DISASTER DECLARATIONS FOR JANUARY 22–23 SNOWSTORM
Delaware (one county), Maryland (18 counties), Pennsylvania (31 counties), and Virginia (20 counties) made the requests late last week.
NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC) RELEASES ITS LATEST REPORT ON THE U.S. HOMEOWNERS MARKET
The NAIC’s Homeowners Insurance Report provides the most recently validated data (2013) on market distribution and average cost by policy form and amount of insurance.
STORIES IN THE WORKS
The I.I.I.’s Steven Weisbart taped on Monday, February 22, an interview with Lesley Stahl of CBS’s 60 Minutes on how life insurers handle unclaimed life insurance policies. The segment is tentatively due to air in late March 2016.
The Wall Street Journal’s Leslie Scism and The South Florida Sun-Sentinel’s Ron Hurtibise are also readying articles on the processing of unclaimed life insurance policies.
The I.I.I.’s Bob Hartwig discussed with Work Comp Central’s Elaine Goodman the on-demand economy’s implications for workers’ compensation insurers, as detailed in a JP Morgan Chase Institute study.
The I.I.I.’s Weisbart is speaking today with CBS MoneyWatch’s Ed Leefeldt about the NAIC’s just-released homeowners insurance market report.
CAPITOL HILL
The U.S. House’s subcommittee on Housing and Insurance is convening on Thursday, February 25, to discuss The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.
The U.S. and the European Union released a joint statement announcing they have discussed a potential plan to reduce the risk of insolvency among insurance companies who operate internationally.
The National Governors Association (NGA) drafted guidelines intended to reduce the use of opioid painkillers. Governors from both parties expressed concern about the abuse of addictive pain medication, according to The New York Times.
An investigation by a coalition of 10 automakers found that ammonium nitrate was among the root causes of the Takata airbag explosions.
STATES
Alabama
Baldwin, Blount and Clark were among the counties impacted most by the state’s severe weather on Tuesday, February 23.
Alaska
The state’s auto and home insurers would be allowed to access an insured’s credit-based insurance score upon the renewal of the policy, if Senate Bill 127 became law.
California
The I.I.I. issued a press release today (Wednesday, February 24) on the insurance coverage filmmakers purchase prior to the start of a production. The release is pegged to the Sunday, February 28, Academy Awards ceremony.
A 4.8 magnitude-quake struck near Bakersfield on Tuesday afternoon, February 23. There were no reports of either injuries or property damage.
An appeals court decision reaffirmed that if there are multiple causes of damage to an insured’s property, the loss is covered if the predominant cause is a covered risk. United Policyholders filed a brief in favor of the plaintiff’s position.
A 35-year-old insurance agent was arraigned in Fresno on charges he allegedly stole $13,815 in auto policy premiums and unauthorized brokers’ fees by diverting payments from about 90 polices.
Connecticut
Remington Arms Co., maker of the rifle used in 2012’s Sandy Hook Elementary School massacre, is seeking the dismissal of a wrongful-death lawsuit.
Florida
A tornado ripped through Pensacola (Escambia County) on Tuesday night, February 23, causing extensive damage to the apartments, town homes, vehicles and trees in its path.
After an EF-3 tornado hit Century on Monday, February 15, it became clear a large number of residents had no insurance. Like Pensacola, Century is in Escambia County.
A Boca News columnist says when it comes to homeowners insurance, let the buyer beware.
WFSU, a National Public Radio affiliate, reports state lawmakers are considering new rules for property damage appraisal umpires.
The Florida Highway Patrol (FHP) has launched a hit-and-run awareness campaign.
The Scott administration reportedly favors Orange County Commissioner Bryan Nelson for insurance commissioner.
Louisiana
There were two deaths and widespread property damage reported after an EF-2 tornado swept through Convent (St. James Parish) on Tuesday, February 23.
Michigan
The Uber driver charged with killing six people in Kalamazoo on Saturday, February 20, is prompting scrutiny of Uber’s potential liability.
Mississippi
A 73-year-old man died in West Hattiesburg after what is believed to have been a tornado touched down in Lamar County on Tuesday, February 23.
Montana
Drivers may see a $6 per month premium rate hike in 2016 because the state Legislature increased to $20,000 from $10,000 the mandatory minimum a driver must purchase for property damage liability coverage.
Nevada
Barbara Richardson is the state’s new insurance commissioner.
New York
Maria Vullo joined the state Department of Financial Services (DFS) this week as its acting superintendent.
SOCIAL MEDIA REPORT
The Southeast tornadoes received heavy attention on Twitter and social media over the past 24 hours. The severe weather caused two deaths in Louisiana and another in Mississippi. You can find continuing updates on this storm system as it moves to the East Coast, including weather radar images, on the National Weather Service’s Twitter account at @NWS.
The hashtag #KalamazooShooting has been getting heavy-pick up on social media since Saturday night, February 20. Many expressed their concerns over Uber’s safety protocols and discussed the company’s liability in the Michigan incident, bringing scrutiny to Uber’s driver background check process. California prosecutors have alleged Uber fails to screen out potentially dangerous drivers. To learn more about how Uber ensures rider and driver safety, visit their safety page at www.uber.com/safety/.
Another Twitter conversation receiving fair pick-up is Connecticut’s Sandy Hook lawsuit. Filed by the families of those killed in the December 2012 school shooting, it seeks damages from the companies involved in making and selling the rifle used by the gunman. Remington’s attorneys, representing the gun’s manufacturer, are citing in its defense the federal Protection of Lawful Commerce in Arms Act.
MEDIA MATTERS
Justin Dearborn has been appointed chief executive officer of Chicago-based Tribune Publishing Co.
World Risk and Insurance News’ (WRIN.tv) operations were suspended by Global Synergy Holdings, WRIN.tv’s parent company.
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
