To recap the issues raised during Wednesday’s conference call, here are some of the key media stories, and the messages we’re conveying.
If there is a subject you would like to see addressed on Wednesday, January 9, please email Mike Barry at Michaelb@iii.org
SANDY NEWS
Since the call, the U.S. House of Representatives announced it will vote on Friday, January 4, on a Sandy-related flood insurance measure and, on Tuesday, January 15, on a multi-billion dollar Sandy aid package for the states hit hardest by the storm.
The New York Timesexamined in a Friday, December 28, article the millions of dollars in insured art work which was damaged during Sandy, and chronicled on Sunday, December 30, the Sandy-caused demise of a 53-unit mobile home community in Highlands, New Jersey.
Newsday (subscription required) quoted the I.I.I.’s Loretta Worters in a Sunday, December 30, print edition article, which focused on how Sandy has prompted Long Island small businesses to revisit their insurance coverage needs.
The Wall Street Journal(subscription required) reported in its Wednesday, January 2, print edition on the plight of New Jersey Sandy victims who were asked to move out of a FEMA-funded hotel room because the lodging facility had been booked previously for other events.
Fox News Channel broadcast nationally on Wednesday afternoon, January 2, an edited version of this New York City Fox affiliate story on a Freeport, NY (Nassau County, Long Island) family whose home was damaged by Sandy, and who have had difficulties with their insurer, a company that goes unnamed. Since the call, the NYC Fox affiliate and News 12 Long Island have contacted the I.I.I.; their focus has been on insurance difficulties in Freeport, Long Island. There appears to be some misinformation out there that private insurance claims paying capacity is tied to the federal Sandy aid package. The I.I.I. has had to educate several reporters that private insurance had nothing to do with what Congress was voting on, and that claims are being paid.
(Please note that the I.I.I.’s daily Sandy update memos have been discontinued; ongoing Sandy-related news will now be incorporated into the weekly recap.)
I.I.I.’s PRESIDENT PARTICIPATES IN MEDIA WEBINAR REVIEW OF 2012 GLOBAL NATURAL CATASTROPHES
Dr. Robert Hartwig’s PowerPoint presentation focused on the financial and market impact of natural catastrophes in the United States and was delivered as part of the joint Webinar with Munich Re on Thursday, January 3. The I.I.I. is always open to conducting comparable events throughout the year with its member companies.
I.I.I.’s HARTWIG OFFERS COMMENTARY ON INSURANCE INDUSTRY’S FINANCIAL PERFORMANCE THROUGH THE FIRST NINE MONTHS OF 2012
Dr. Hartwig’s analysis accompanied the Friday, December 28, news release issued by the I.I.I., Property Casualty Insurers (PCI) Association of America and ISO.
A.M. BEST SPECIAL REPORT SAYS SANDY SHOULD HAVE ONLY ‘MODEST IMPACT’ ON INDUSTRY’S BALANCE SHEET IN 4TH QUARTER
The U.S. property/casualty industry’s underwriting and operating performance continued to improve through the third quarter of 2012, as pricing momentum was sustained and catastrophe losses remained significantly below 2011 levels, according to a special report A.M. Best released on Thursday, December 27. The industry’s well-capitalized position should result in Sandy having only a modest impact on the industry’s balance sheet next quarter, according to their analysis.
SEVERE WINTER WEATHER HIT MULTIPLE STATES ACROSS THE EASTERN U.S. IN THE DAYS IMMEDIATELY AFTER CHRISTMAS
Heavy snow and torrential rains in multiple states were cited as the cause of seven fatalities between Christmas Day and Friday, December 28, according to USA Today. Storm-related deaths were blamed on toppled trees in Texas and Louisiana, while winter weather was cited as the cause of fatal vehicle crashes in Kentucky, Indiana, Ohio and Pennsylvania.
KIPLINGER, HOUSTON CHRONICLE AND LONG ISLAND CABLE TV NEWS CHANNEL CONTACT I.I.I. ON INSURANCE STORIES
I.I.I.’s Jeanne Salvatore helped Kiplinger’s Kim Lankford answer a reader’s question about the best ways to find a new home insurer after being non-renewed….Mr. Loren Steffy, a Houston Chronicle business columnist, is examining the liability issues that may arise for gun owners and manufacturers in the wake of December 2012 Newtown, Connecticut, massacre….The I.I.I.’s Mike Barry gave a phone interview about having the right property insurance coverage for this Wednesday, January 2, Long Island FIOS1 story on FEMA’s efforts to expand the number of Long Island homeowners who purchase NFIP policies.
CNN AIRING A ONE-HOUR INVESTIGATIVE DOCUMENTARY ON SUNDAY NIGHT, JANUARY 6, CALLED THE COMING STORMS
STATE NEWS
Alabama
Tornadoes that touched down on Christmas Day in Mobile County impacted thousands of residents, according to this Wednesday, December 26, Mobile Press-Register article.
Tornadoes that touched down on Christmas Day in Mobile County impacted thousands of residents, according to this Wednesday, December 26, Mobile Press-Register article.
Mississippi
Christmas Day tornadoes in this state injured 22 people and damaged or destroyed 188 buildings across a dozen counties, according to this Friday, December 28, Biloxi Sun Herald story.
Christmas Day tornadoes in this state injured 22 people and damaged or destroyed 188 buildings across a dozen counties, according to this Friday, December 28, Biloxi Sun Herald story.
Louisiana
The U.S. Senate has passed a bill aimed at financially helping U.S. homeowners whose properties were adversely impacted by the installation of defective Chinese drywall years ago, according to this Monday, December 31, New Orleans Times-Picayune article.
The U.S. Senate has passed a bill aimed at financially helping U.S. homeowners whose properties were adversely impacted by the installation of defective Chinese drywall years ago, according to this Monday, December 31, New Orleans Times-Picayune article.
Insurance Commissioner James Donelon became the president of the National Association of Insurance Commissioners (NAIC) on Tuesday, January 1.
Florida
On Thursday, December 27, The Tampa Bay Times editorial board criticized the ways in which Florida’s Office of Insurance Regulation (OIR) has assigned insurance discounts to encourage policyholder mitigation efforts dating back to 2002.
On Thursday, December 27, The Tampa Bay Times editorial board criticized the ways in which Florida’s Office of Insurance Regulation (OIR) has assigned insurance discounts to encourage policyholder mitigation efforts dating back to 2002.
MEDIA MATTERS
CNBC’s ratings were down 14 percent in 2012 as compared to 2011 while Fox Business Network’s (FBN) rose 2 percent. Yet CNBC still draws nearly three times the audience of FBN, averaging 171,000 viewers during the daytime hours as opposed to FBN’s 63,000 daytime viewers.
Jake Tapper is joining CNN after spending years in prominent on-air roles at ABC.
The Tribune Company has emerged from bankruptcy and is expected to sell most of its media properties, including The Los Angeles Times, in 2013.
SOCIAL MEDIA REPORT
This week people were interested in looking back at 2012. A video by World Risk and Insurance News, examining the top insurance stories of 2012 and featuring an interview with the I.I.I.’s Hartwig, is being shared on Twitter and Facebook by insurance groups and journalists. The WRIN-TV segment is being used to summarize 2012 and predict trends in the year ahead.
An analysis of the I.I.I.’s online editorial material reveals that auto insurance was the most popular topic in 2012, with five of the 10 most visited pieces of content being about auto insurance, specifically topics such as Auto Facts/Stats, Issues Updates on Teen Drivers, and basic information about what an auto policy covers.
Finally, I.I.I.’s tweet of the week goes to Bob Hartwig’s commentary on the First Nine Months Results of 2012, with insurance agents and reporters sharing this article on Twitter. People were eager to read Hartwig’s insights about 2012.
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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