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 29, please email me at michaelb@iii.org.
I.I.I.’s SALVATORE, WEATHER CHANNEL’S CANTORE TO CONDUCT SATELLITE MEDIA TOUR (SMT) ON FLOOD INSURANCE
The I.I.I.’s Jeanne Salvatore and The Weather Channel’s Jim Cantore will be in Atlanta on Thursday, September 17, for a FEMA-orchestrated SMT—and to tape video and audio news releases—on the importance of having flood insurance and the increased risk of flooding. The focus will be on inland flooding.
2015’s FIRST QUARTER FINANCIAL RESULTS OFFER GOOD NEWS FOR P/C INSURERS
The U.S. property/casualty insurance industry turned in a strong and profitable performance in the first quarter of 2015, with after-tax income cumulatively reaching $18.2 billion despite a costly winter, weak economic growth and low interest rates.
U.S. DEPARTMENT OF LABOR (DOL) REPORTS ON CONSUMER PRICE INDEX (CPI)
The federal government’s figures offered a comparison between the cost of auto insurance in June 2014 and June 2015, showing a rise of 5.1 percent over the past year.
SWISS RE REPORT SAYS NEW MADRID SEISMIC ZONE POSES ECONOMIC RISKS TO THE U.S.
Four Earthquakes in 54 Days estimates the potential insured losses of the 1811-12 New Madrid earthquakes if they were to occur today, and suggests how the U.S. can be better prepared in the event there is a similar event.
STORIES IN THE WORKS
The I.I.I.’s Salvatore spoke with the Associated Press’ Katherine Roth about the I.I.I.’s Know Your Stuff home inventory tool and said she can connect I.I.I. member companies to Roth, if they would like to make the AP aware of their own home inventory offerings.
Salvatore also gave interviews to Kate Rooney of Bloomberg Businessweek (comparison insurance shopping websites) and Jonnelle Marte of the Washington Post (short-term home rental insurance issues).
The I.I.I.’s Bob Hartwig talked, since the call, with the London-based Post, an insurance trade publication. The subject was how the U.S. insurance industry responded to Katrina; reporter Katie Marriner is writing a piece pegged to the 10th anniversary of Katrina.
The I.I.I.’s Steve Weisbart spoke with Best Review’s Tim Dobbyn for an article he is developing for the magazine’s September 2015 edition on life insurance/annuities companies’ investment income strategies amid the prolonged low-interest rate era.
The I.I.I.’s Michael Barry talked to the Allentown, Pennsylvania, Morning Call’s Bill Landauer about Easton, PA’s approval of municipal accident response fees.
The I.I.I.’s James Lynch briefed Work Comp Central’s Ben Miller on the workers compensation issues raised by the sharing economy.
CAPITOL HILL
The U.S. Senate Banking Committee held a public hearing today (July 22) on Oversight of the Financial Stability Oversight Council. Patrick Pinschmidt of the U.S. Treasury Department testified on behalf of the Obama administration.
The Federal Trade Commission (FTC) believes LifeLock violated a 2010 settlement with the FTC by continuing to make deceptive claims about its identity theft protection services.
STATES
Alabama
Researchers at the University of Alabama, at Birmingham, have developed tornado panels that look like interior walls.
California
A wildfire jumped Interstate-15 on Friday afternoon, July 17, destroying 20 vehicles and sending hundreds out of their cars about 55 miles northeast of Los Angeles.
On Sunday, July 19, flash flooding on Interstate-10 prompted the collapse of a bridge about 50 miles from the Arizona border. Following last weekend’s heavy rains, the I.I.I.’s Janet Ruiz discussed flood coverage with The Press Enterprise.
More than half of the drivers licenses the state has issued so far this year (about 397,000 of the 759,000) went to undocumented workers, according to the Sacramento Bee.
Insurers are prohibited from charging surrender penalties on life annuities paid as a death benefit, effective January 1, 2016, A.M Best (subscription required) reports.
Uber has tentatively settled the lawsuit filed by the family of a 6-year-old girl who was killed on New Year’s Eve 2013 by an Uber driver.
Florida
The state Legislature is reconvening in special session on Monday, August 10 to redraw the state’s Congressional District (CD) boundaries after the state Supreme Court set aside eight of Florida’s 27 existing CD lines.
Former Governor Charlie Crist is interested in running next year for the Tampa Bay-area U.S. House seat being vacated by Rep. David Jolly, who previously announced a 2016 U.S. Senate bid.
Clearwater-based Heritage Property & Casualty Company says it has applied to expand into four states: Massachusetts, North Carolina, Rhode Island, and South Carolina.
Hawaii
Marcus Mariota, the Hawaii-born Tennessee Titans quarterback, has signed an endorsement deal with Island Insurance Company, Ltd, the state’s largest locally owned property and casualty insurance carrier.
Indiana
Insurance Commissioner Stephen Robertson issued a price optimization bulletin on Monday, July 20.
Minnesota
Governor Mark Dayton held a press conference last Friday after touring Nisswa and East Gull Lake, the communities that were hit hardest by a Sunday, July 12, windstorm. The I.I.I.’s Barry briefed the Pine and Lakes Echo Journal on the insurance implications of the storm.
New Jersey
Numerous North Brunswick residents were evacuated after an early morning warehouse fire occurred on Wednesday, July 22.
New York
Governor Andrew Cuomo signed into law post-Sandy legislation which authorizes a housing elevation study for Breezy Point, Queens, and allows a few of the community’s residents to rebuild their Sandy-damaged home without a special New York City permit.
Since the call, New York City said it would undertake a four-month traffic study before considering legislation to limit the number of Uber vehicles operating within the city’s boundaries.
North Carolina
Russ Dubisky, speaking for the Insurance Federation of North Carolina, discussed in a Wednesday, July 22, Asheville ABC affiliate story the reasons that North Carolina’s residual auto insurance market is the nation’s largest.
The timeframes governing life insurer searches for unclaimed benefits are at the center of the debate over Senate Bill 665, according to The Charlotte Observer.
Oklahoma
The U.S. Geological Survey recorded several 4.0-plus magnitude quakes in the Enid area on Monday afternoon, July 20, and five 3.0-plus magnitude quakes in the same region on Tuesday morning, July 21.
Pennsylvania
Fewer than one in five Americans have documented their personal belongings, and about one in every three people have a sense of their collective value, according to a Monday, July 20, Philadelphia CBS affiliate segment.
South Carolina
Dorchester County is considering the imposition of municipal accident response fees on out-of-county residents who access its Fire & Rescue services. If an auto insurer declined to pay Dorchester’s fee, the county would not bill the individual, according to the Journal Scene.
Washington
The Blue Creek Fire (Walla Walla County) has burned more than 5,000 acres since it started a few days ago.
SOCIAL MEDIA REPORT
Chrysler has acknowledged some of its car models dating back to late 2013 can be hacked over the Internet, posing a huge risk to drivers. The problem lies with a flaw in the vehicles’ Uconnect service. Chrysler is offering a software upgrade to its customers, telling them they should install it “at their earliest convenience.”
California’s North Fire jumped the Interstate-15 late last week and burned more than a dozen vehicles. Social media went into a frenzy after several news outlets posted a video of the blaze spreading onto the traffic-jammed highway.
Japan is bracing itself for its third typhoon in three weeks. Typhoon Halola is expected to hit sometime this weekend (July 25-26).
MEDIA MATTERS
A portion of Spring Street in downtown Atlanta will now be known as Ted Turner Drive.
ABC is airing Katrina: 10 Years After the Storm with Robin Roberts on Sunday, August 23, at 10 p.m., ET. It will be screened privately at ABC events in New Orleans (Wednesday, August 19) and in Pass Christian, Mississippi (Thursday, August 20).
CNBC’s Ron Insana will emcee the American Council of Life Insurers’ (ACLI) 2015 annual conference, to be held in October in Chicago.
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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