SYNOPSIS – ALL INDUSTRY CONFERENCE CALL January 22, 2014

To recap the issues raised during today’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, January 29, please email me at michaelb@iii.org.

 

Thousands of schools and businesses were closed on Wednesday, January 22, due to the cold weather and snowfall, while roads were blocked and thousands of flights canceled, according to this same-day story from CNN.

Working with the Insurance Information Network of California, the I.I.I. issued releases prior to the anniversary (Friday, January 17) about how few property owners cover themselves for earthquakes, and the importance of quake preparedness and securing the right policy. The I.I.I. also created a web page that put Northridge into historical perspective.

 

Zurich and Swiss Re were among those who contributed to Global Risks 2014, a 60-page document which examined in part the greater incidence of extreme weather events worldwide.

 

P/C carriers nationwide have added 13,600 jobs over the past 20 months, according to November 2013’s federal employment data. The U.S. insurance agent/broker segment, currently employing around 676,000, is nearing its July 2007 peak of 679,300, the Bureau of Labor Statistics reports. The I.I.I.’s full commentary is online.

The I.I.I. issued a news release on Tuesday, January 21, about its 2014 Insurance Fact Book and another the next day on the insurance repercussions of home and apartment rentals, pegged to the upcoming Super Bowl.

 

Anna Maria Andriotis of The Wall Street Journal spoke with the I.I.I.’s Bob Hartwig regarding the economics involved in modifying the 2012 Biggert-Waters Flood Reform Act.

 

Anna Prior of The Wall Street Journal interviewed the I.I.I.’s Loretta Worters on ways consumers can save money when buying auto and homeowners insurance.

 

Alexander Stoklosa of Car & Driver asked the I.I.I.’s Hartwig whether a vehicle comprised primarily of aluminum may cost less to repair than one made mostly of steel.

 

Maura McDermott of Newsday is examining a New York State rule which requires homeowners to install a sprinkler system, under certain circumstances, if their home is being elevated.

 

Kim Porter of InsuranceQuotes.com interviewed the I.I.I.’s Jeanne Salvatore about how to secure the right insurance coverage for bicycles, and for items in storage facilities.

 

Nick DiUlio of InsuranceQuotes.com spoke with the I.I.I.’s Mike Barry about a Quadrant study commissioned by the website. It looked at the best months to buy auto insurance.

 

The I.I.I. issued a news release this week on claims-filing, in part as a rebuttal to this Tuesday, January 18, statement from a New Rochelle, New York-based public adjuster.

The U.S. House of Representatives may have hearing on Tuesday, February 4, to discuss the Federal Insurance Office, although nothing has been officially announced as yet.

 

The Colby Fire destroyed five homes and burned more than 1,900 acres in Los Angeles County over the past week, this Monday, January 20, LA Times story reported.

Governor Jerry Brown declared a State of Emergency because of drought conditions on Friday, January 17.

 

A Bridgeport attorney who pled guilty this month to orchestrating a multi-million dollar auto insurance fraud scheme will be sentenced on Friday, March 28, the Hartford Courant reports.

Citizens property insurance policyholders could see their premium rates increase an average of 6.7 percent later this year, the Associated Press reported, on Friday, January 17.

 

U.S. Senator David Vitter announced on Tuesday, January 21, that he will run for governor in 2015. Governor Bobby Jindal cannot seek re-election because of term limits.

A Monday, January 20, explosion at the International Nutrition Plant in Omaha resulted in two fatalities, and dozens of injuries, according to these Associated Press and ABC news stories.

The New York Insurance Association applauded Governor Andrew Cuomo’s call this week for expanding audits of no-fault auto insurance system healthcare providers.

The public comment period on the current Rate Bureau homeowner’s filing concludes on Friday, January 31.

About 28 homeowners have filed suit against their property insurers in the wake of the May 2013 tornadoes, according to this Sunday, January 19, story in The Oklahoman.

 

To offset losses, Allstate, Farmers and State Farm intend to raise homeowner’s rates, on average, anywhere from 6 to 15 percent, the Dallas Morning News reports.

 

The chemical leak into the Elk River earlier this month has prompted the company that owned the chemical storage facility to file for bankruptcy, the Mail-Gazette reports.

 

Friday, January 17, 2014, was the 20^th Anniversary of the Northridge Earthquake in California. This garnered a lot of social media attention, mostly in California. The hashtag #Northridge was very popular on Twitter, where the conversation revolved around people sharing their stories and experiences from 20 years ago. Insurance organizations were posting about earthquake safety and many media and news outlets were sharing ‘then and now’ photos of Northridge.

 

The I.I.I. also used the #Northridge hashtag in its social media outreach and created a Natural Disasters: Before and After Pinterest board that included photos from the event, among others.

 

In other I.I.I. news, the I.I.I.’s tweet on Target’s data breach received a lot of media attention. Our post was clicked on 54 times and it was retweeted 10 times as of Wednesday morning, January 22. The tweet also included a link to the I.I.I.’s Cyber Risk white paper.

 

Sam Champion, formerly of ABC’s Good Morning America, made his on-air debut this week with The Weather Channel.

 

Chris Munro, who had been with Insurance Day, is moving to New York from London in a few weeks to become the new Americas Editor for Reactions magazine.

 

Elizabeth Festa, Anya Khalamayzer, and Arthur Postal have left National Underwriter, according to this R Street blog (see sixth paragraph), written by a former colleague.

 

Forbes magazine is moving by year-end 2014 to Jersey City, New Jersey, from Manhattan, the Associated Press reports.

 

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.

 

For an I.I.I. Blog search, click here.