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, June 26, please email Mike Barry at michaelb@iii.org.
LIGHTNING SAFETY AWARENESS WEEK TO LAUNCH WITH FRIDAY, JUNE 21 PRESS EVENT IN COLORADO
The Lighting Protection Institute and the National Weather Service are among those who will be briefing the media on Friday, June 21, in Parker, Colorado.
NEW YORK TIMES REPORTS ON AN INVESTIGATION INTO HOW NEW YORK’S LIFE INSURERS USE CAPTIVE REINSURANCE
New York State’s Department of Financial Services released a report this week which raises questions about how New York life insurers account for some of the more complex transactions in which they regularly engage, according to this Wednesday, June 12, New York Times article.
OKLAHOMA INSURANCE COMMISSIONER HELD POST-NATURAL DISASTER FORUM ON JUNE 13 WITH SEVEN STATE INSURANCE REGULATORS
The state regulators joined Oklahoma Insurance Commissioner John Doak at the forum, which was held on Thursday, June 13, at 2 p.m., in Oklahoma City.
TEXAS FERTILIZER EXPLOSION WAS ‘WAKE-UP CALL’ ABOUT HAZARDS OF AMMONIUM NITRATE STORAGE, WALL STREET JOURNAL REPORTS
The April 2013 fertilizer explosion in West, Texas, which killed 15 people, has increased the awareness of the hazards arising from ammonium nitrate storage across the U.S. and led to proposals for new regulations on stockpiles of the common agricultural chemical, according to this Monday, June 10, article in The Wall Street Journal.
U.S. DEPARTMENT OF LABOR FINDS 521,200 WERE EMPLOYED BY P/C CARRIERS IN APRIL, CLOSE TO WHERE THE NUMBER WAS 20 YEARS AGO
P/C carrier employment in April 2013 stood at 521,200, according to an analysis done by I.I.I. president Bob Hartwig, about where it was in the late spring of 1993.
ATLANTA’S CBS AFFILIATE READYING PIECE ON DECK COLLAPSE CLAIM DENIAL; NEW YORK CITY’S CBS AFFILIATE EYES SANDY FLOOD DISPUTE
Atlanta reporter Jeff Chirico is exploring a homeowner’s claim denial involving the policyholder’s deck while New York City reporter Tamara Leitner is investigating whether an Oceanside, NY (Nassau County, Long Island) condo association is wrongfully holding back from certain condo unit owners flood insurance proceeds which are due them in the wake of Sandy.
CAPITOL HILL
The U.S. House of Representatives approved an amendment last week to reduce the coming National Flood Insurance Program’s premium rate hikes but the measure may not ever become law, according to this Friday, June 7, article in National Underwriter.
The U.S. House of Representatives held on Thursday, June 13, a hearing on the impact international regulatory standards could have on the competitiveness of U.S. insurers, with testimony coming from the Federal Insurance Office (FIO), the National Association of Insurance Commissioners (NAIC), and the Financial Stability Oversight Council (FSOC).
FIO issued its first Annual Report on Wednesday, June 12.
STATES
Alabama
The Huntsville Times reported in this Tuesday, June 11, article that Oklahoma could overtake Alabama as the most likely spot in the U.S. for a tornado. The Weather Channel ranked Huntsville as the #1 city for tornadoes in April 2013, with Alabama’s Birmingham (#3) and Tuscaloosa (#4) also making the list along with Oklahoma’s Tulsa (#6) and Oklahoma City (#7).
California
The Hathaway Canyon Fire burned more than 1,600 acres in an unpopulated area near Banning, a city 85 miles east of Los Angeles, according to this Monday, June 10, LA Times story. Since this article appeared, the damage has extended to 3,000-plus acres.
State Controller John Chiang announced on Friday, June 7, settlements with 11 companies over unpaid life insurance benefits, with up to $86.7 million going to California beneficiaries.
Colorado
Major wildfires near Colorado Springs have destroyed dozens of structures and caused thousands to evacuate, according to this Wednesday, June 12, CNN story.
Louisiana
Louisiana is one of 15 states cumulatively receiving $67 million in federal monies because of watershed damage incurred by a 2012 natural disaster, according to this Monday, June 10, news release from the U.S. Department of Agriculture. The story was picked up by New Orleans City Business.
Maryland
Housing and Community Development Secretary Raymond Skinner told the Somerset County Commissioners on Thursday, June 6, that Maryland has “removed property buyouts on Smith Island from a Hurricane Sandy recovery plan,” according to this Friday, June 7, Associated Press article.
Mississippi
The Biloxi Sun Herald published on Tuesday, June 11, a story about how the Mississippi Windstorm Underwriting Association wants the state’s coastal residents to shop around and try to secure property insurance coverage in the private market before turning to the Wind Pool.
Missouri
The St. Louis Post-Dispatch offered on Sunday, June 9, a look at national homeowners insurance market trends, from higher premiums to coverage changes. The I.I.I.’s Hartwig is quoted.
New Jersey
Insurance Commissioner Ken Kobylowski told News 12 New Jersey (subscription required) that 96 percent of the state’s nearly 500,000 Sandy claims have been settled; however that leaves about 20,000 claims unresolved, according to this Tuesday, June 11, segment, pegged to a dissatisfied claimant in Sayreville (Middlesex County). The claimant’s insurer is not mentioned by name.
New York
New York City Mayor Michael Bloomberg released on Tuesday, June 11, a report called A Stronger, More Resilient New York. It was billed as a long-term plan to prepare the city for climate change’s impacts. CNN’s same-day story focused on the mayor’s call for a multi-billion dollar expenditure to build flood walls and levees.
Oklahoma
The number of claims filed in the wake of the state’s multiple May 2013 tornadoes increased to 60,308, as of Tuesday, June 11, the Insurance Department reported, with tornado-related insurance payments to policyholders having already exceeded $470 million.
SOCIAL MEDIA REPORT
The updated I.I.I. terrorism risk white paper, which has been in the I.I.I. website’s home page spotlight, is popular on Twitter this week with risk and insurance experts sharing the content. Terrorism has been a trending keyword for insurance topics since the Boston marathon bombing.
Another trending topic this week is rental car insurance—insurance agents and consumer groups are sharing I.I.I. content on Twitter and Facebook about how to understand the coverage and save money when renting a car.
The #CatBondCat meme is still popping up this week with images of cats sharing insurance messages being tweeted out by insurance agents and reporters.
MEDIA MATTERS
PBS’s News Hour program will lay off about 10 percent of its staff and close its Denver and San Francisco offices this year, according to a Tuesday, June 11, New York Times article.
Marilyn Ostermiller, assistant vice president, news, at A.M. Best, retired effective June 1, 2013.
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.
