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, June 17, please email me at michaelb@iii.org.
I.I.I.’s PRESIDENT DISCUSSES TRAVEL INSURANCE IN LIVE INTERVIEW WITH THE WEATHER CHANNEL
The I.I.I.’s Bob Hartwig appeared on the Friday, June 5, edition of Wake Up With Al.
LONG-TERM DISABILITY INSURANCE IS FOCUS OF CONSUMER FEDERATION OF AMERICA (CFA) PRESS TELECONFERENCE
In a joint appearance with Unum’s president and CEO on Monday, June 8, the CFA released a survey that found long-term disability insurance benefits were not widely understood among business owners with anywhere from 10 to 99 employees.
WALLETHUB STUDY ON CREDIT-BASED INSURANCE SCORES AND AUTO POLICY PRICING
WalletHub obtained quotes from five of the largest U.S. auto insurers and attempted to isolate the role of credit in insurance policy pricing. The Arizona Daily Star posted this story on WalletHub’s findings but few other outlets chose to do the same.
STORIES IN THE WORKS
I.I.I.’s Hartwig spoke on Tuesday, June 9, with The Boston Globe’s Deirdre Fernandes about broad trends in the U.S. workers compensation insurance market.
The I.I.I.’s Michael Barry was interviewed by InsuranceQuotes.com’s Nick DiUlio about a state-by-state study the website conducted on the cost of adding one teenager to a parents’ auto insurance policy.
Value Penguin’s Erik Martin is doing initial research for a story on insurer use of price optimization.
North Carolina’s Triangle Business Journal wants to know if the auto insurance industry has taken a stance on House Bill 328. The measure touches in part on whether the state’s undocumented workers should be given driving privileges.
CAPITOL HILL
The Financial Stability Oversight Council (FSOC) won praise for posting new guidance on how it initially designates non-banks as systemically important financial institutions (SiFis), A.M. Best reports (subscription required).
The U.S. Justice Department may charge General Motors (GM) with criminal wire fraud stemming from GM’s failure to recall millions of vehicles equipped with a defective ignition switch, according to The Wall Street Journal (subscription required).
The National Transportation Safety Board (NTSB) held a public hearing this week on its investigation into the March 12, 2014, natural gas explosion that killed eight people, and injured more than 50 others, in New York City.
STATES
Alabama
Residents in the western part of the state felt a 3.0 magnitude quake on Saturday afternoon, June 6, the fifth one to hit the area northwest of Eutaw since November 2014.
Colorado
Severe storms hit the Denver and Colorado Springs metropolitan areas last Friday, June 5. The hailstorm that struck Stratton generated national media attention because of its intensity.
Florida
The I.I.I.’s Lynne McChristian appeared in this Monday, June 8, Tampa ABC affiliate segment on the insurance coverage gaps state lawmakers and transportation network companies (TNCs) are trying to close.
Georgia
The Atlanta Journal-Constitution published a story today (June 10) affirming State Farm’s contention that Georgians filed the most claims for lightning strikes last year.
Hawaii
The Hawaii Property Insurance Association (HPIA) is now accepting new coverage requests on the Big Island, with state lawmakers having lifted an HPIA moratorium, which was put into effect after last year’s Puna District lava flow emergency.
Illinois
The state Senate’s Judiciary Committee held a public hearing yesterday (Tuesday, June 9) on House Bill 1287, a measure the industry opposes because it would enact a prior approval rating law for workers compensation insurance.
Louisiana
The state’s House approved the creation of a pilot program to allow police to scan license plates electronically in an effort to catch and fine uninsured motorists.
Massachusetts
The Boston Globe published two insurance stories within the past week. One offered a critical look at two MA-based mutual insurers, and the other focused on a University of Massachusetts-Dartmouth study on the cost of flood insurance.
Nevada
Hawthorne, a community about 140 miles southeast of Reno, was struck by an EF-1 tornado and hail on Friday, June 5. The severe weather damaged residential and commercial properties.
New York
The I.I.I.’s Barry appeared in this Wednesday, June 3, Syracuse ABC affiliate story about auto body repair shops that are reluctant to use after-market parts.
Roy Wright, the National Flood Insurance Program’s (NFIP) next director, told Newsday (subscription required) FEMA should close the coverage gaps (e.g., finished basements, sunken living rooms) that caused problems for many NFIP policyholders in the wake of Superstorm Sandy.
North Carolina
The need for Beaufort County residents to purchase flood insurance was at the center of a Greenville CBS affiliate segment on 2015’s Atlantic hurricane season.
Oklahoma
Governor Mary Fallin said the federal government has approved public disaster assistance for nine counties due to last month’s floods: Canadian, Carter, Choctaw, Coal, Le Flore, Love, Murray, Okmulgee and Pottawatomie.
Pennsylvania
Teresa Miller, Governor Tom Wolf’s choice to be the state’s insurance commissioner, was unanimously confirmed by the state Senate.
Texas
The Dallas Morning News reported nearly 17 inches of rain fell at Dallas/Fort Worth International Airport in May, causing tens of millions of dollars in property damage in Dallas County and elsewhere.
SOCIAL MEDIA REPORT
Tropical Storm Blanca has brought some wet weather into parts of Southern California that needed rain. On social, residents were happy with the rainfall but government authorities urged them to be cautious since the rain increases the likelihood of mudslides.
An article from U.S. News is getting widely picked up in social media this week. It talks about the “hidden holes” in standard homeowners insurance policies.
Finally, the I.I.I. partnered with IBHS to create a hurricane season infographic showing 10 tips to protect your home and finances before a hurricane hits. The infographic can be found on the I.I.I.’s website.
MEDIA MATTERS
Jeff Jeffrey, who spent the past four years with A.M. Best in Oldwick, NJ, has joined The Triangle Business Journal in Raleigh, NC, where he will continue to cover insurance. Jeffrey’s office number is 919-327-1015 and his email address is jjeffrey@bizjournals.com.
Social media is a major source of political news for adults aged 18 to 33, according to Pew. Six-of-ten Millennials (61%) report getting news from Facebook each week. Local TV tops the Baby Boomers’ (aged 50 to 68) list as a source for political news at nearly the same reach (60%).
Gannett’s board approved a spin-off that will create two publicly traded companies: a broadcasting and digital company named TEGNA; and the new Gannett, which will retain the name Gannett Co., Inc. and include its publishing properties and affiliated digital assets.
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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