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, July 8, please email me at michaelb@iii.org.
I.I.I.’s PRESIDENT QUOTED IN WALL STREET JOURNAL ARTICLE ON THE INSURANCE NEEDS OF HIGH-END HOMEOWNERS
The I.I.I.’s Bob Hartwig was the first subject matter expert cited in a Friday, June 26, WSJ Mansion section article (subscription required).
ACE ACQUIRES CHUBB WHILE THE WILLIS GROUP AND TOWERS WATSON MERGE TO CREATE WILLIS TOWERS WATSON
The $28.3 billion Ace-Chubb deal was announced this morning (July 1); the Willis-Towers Watson transaction was valued at $18 billion, according to this Tuesday, June 30, Willis Group news release.
NEW STUDY EXAMINES THE PROBABILITY AN INJURED WORKER WILL UNDERGO BACK SURGERY
The study, by the Workers’ Compensation Research Institute (WCRI) focused on 13 states: California, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, North Carolina, Oklahoma, Pennsylvania, Tennessee and Texas. It found that about 20 percent of injuries covered by workers compensation are back injuries.
STORIES IN THE WORKS
The I.I.I.’s Loretta Worters provided Hurricane Katrina related insurance facts and statistics to Danielle Genet, a producer with Good Morning America co-host Robin Roberts’ production company. ABC is broadcasting a documentary about Katrina produced by Roberts on Sunday, Aug. 23.
The I.I.I.’s Steven Weisbart spoke with Money magazine’s Kerri Anne Renzulli about determining how to buy the right amount of life insurance, and with Marketwatch’s Elizabeth O’Brien about life policies with long-term care (LTC) riders.
The I.I.I.’s Michael Barry discussed with Money’s Kara Brandelsky the cost of umbrella liability insurance policies. The issue is part of a larger August 2015 magazine piece on the insurance needs of people with at least $1 million in assets.
The I.I.I.’s Jeanne Salvatore briefed Erika Gonzalez, a consumer reporter at Washington, D.C.’s NBC affiliate, on travel insurance—the news peg is policyholders who purchased this type of coverage before visiting Greece.
CAPITOL HILL
The U.S. Supreme Court’s same-sex marriage decision could impact the U.S. insurance industry, according to I.I.I.’s Terms+Conditions blogger Claire Wilkinson.
In a 5-4 ruling, the U.S. Supreme Court said people who file housing discrimination lawsuits do not have to show they were victims of intentional discrimination. The ‘disparate impact’ case is Texas Department of Housing & Community Affairs v. Inclusive Communities Project.
Sandy flood insurance claimants who want their claims reviewed must request FEMA do so no later than Tuesday, September 15, 2015.
STATES
Alabama
A 3.8 magnitude earthquake shook Greene County on Monday, June 29, the 16th quake to hit the area in less than a year.
Arizona
Mark Brnovich, the state’s Attorney General, announced settlements in two legal cases related to the deaths of 19 firefighters in the Yarnell Fire on June 30, 2013.
Arkansas
The president declared a federal disaster in the wake of the state’s severe weather (May 7-June 15, 2015).
California
A new state law requires ride-share drivers to have sufficient insurance coverage during all three periods in which they use the ride-sharing application. The measure takes effect July 1.
The Earthquake Brace and Bolt (EBB) program received $3 million in new funding in the just-approved 2015-16 state budget, with 650 homes in Alameda, Los Angeles and Napa counties targeted for EBB retrofits this year, according to Insurance Commissioner Dave Jones.
The I.I.I.’s Janet Ruiz was quoted in a Best’s Insurance News article (subscription required) on how insurers are encouraging policyholders to mitigate against wildfire risks amid the severe drought.
Florida
Three Miami residents were addressed for their alleged roles in separate fraudulent personal injury protection (PIP) schemes, according to chief financial officer Jeff Atwater.
An Orlando insurance agent was arrested and charged with allegedly defrauding Ameritas Life Insurance Corporation of more than $150,000 in commission payments to which the agent was not entitled.
The fire risks posed by fireworks were explored by the I.I.I.’s Lynne McChristian in her latest InsuringFlorida.org blog post.
Georgia
Savannah’s CBS affiliate broadcast on Wednesday night, June 24, a story that said homeowners ought to shop around for insurance coverage periodically to see if they can save money, something many people do not do.
Maryland
Two EF-1 tornadoes touched down in St. Mary’s County on Saturday afternoon, June 27, according to the National Weather Service.
Mississippi
Former Governor Haley Barbour and Jere Nash co-authored America’s Great Storm: Leading through Hurricane Katrina. It is being published on Monday, August 10, by the University of Mississippi Press.
Drivers will be subject to a $25 fine effective today (July 1) under a new state law that bans texting while driving. That fine will rise to $100 on July 1, 2016.
Missouri
Federal agencies are underestimating historic 100-year flood levels along the Midwestern U.S.’s major rivers by as much as five feet, according to a study released this week by Washington University in St. Louis.
New York
The Long Island consulting engineer who worked on disputed Sandy flood cases, and appeared on CBS’s 60 Minutes to discuss the issue, told Newsday the U.S. Senate Banking Committee did not contact him before compiling its Sandy flood claim report.
Oklahoma
The state’s Supreme Court ruled that a Prague, Oklahoma, woman can sue the operator of wastewater injection wells in and around Lincoln County. The plaintiff says she was injured after a 2011 earthquake damaged her home, and believes the well’s operations caused the quake.
Tennessee
Starting July 1, law enforcement officers are authorized to have a car towed if they’ve determined it is being operated by an uninsured driver. House Bill 606 also increased the fine for driving without insurance to $300 from $100.
Washington
The Sleepy Hollow Fire destroyed 20-plus structures and burned more than 2,000 acres in Wenatchee (Chelan County), about 150 miles east of Seattle. The blaze began on Sunday, June 28, and prompted mandatory evacuations.
SOCIAL MEDIA REPORT
The announcement this morning that Ace is purchasing Chubb for $28.3 billion was the #1 trending topic on Google. Much of the social media coverage focused on how the deal impacted the two companies’ respective stock prices.
The economic situation in Greece has also been a popular topic on social. Despite the country’s financial problems, tourists continue to travel to Greece, according to an article in USA Today. The Daily Mail reports British government officials are telling their citizens to bring enough euros to Greece in order to cover emergencies because many Greek businesses are no longer taking credit cards, and bank closures have been widespread.
With the long holiday weekend approaching, the I.I.I. will be sharing articles and videos on how to have a safe July 4th. The I.I.I. also has a Pinterest Board called “Safe Summer Fun.” It is continuously updated.
MEDIA MATTERS
Matthew Sturdevant, longtime insurance reporter for The Hartford Courant, left the newspaper on Friday, June 26, to join an I.I.I. member company. For now, Courant editor Bernie Davidow (bdavidow@courant.com) is the publication’s insurance contact.
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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