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 5th, please email Michael Barry at michaelb@iii.org.
First-Quarter 2017 Natural Disasters Had Adverse Impact On U.S. Property/Casualty Insurer Financial Performance
Natural disaster caused insurance payouts were higher in the first three months of 2017 than in any first quarter since 1994.
The Wall Street Journal Examined How U.S. Insurers Are Recruiting Young Professionals
The insurance industry employs about 2.6 million people in the U.S. but must hire thousands of young professionals to replace a coming wave of retirees, according to a front-page print edition WSJ Weekend story (June 24-25).
I.I.I.’S Chief Actuary Appeared On Nightly Business Report (Nbr)
The I.I.I.’s James Lynch discussed the prospects for growth in the private U.S. flood insurance market (story begins at the 10:55 minute mark) on NBR’s Friday, June 23, edition.
Another Big Malware Attack Ripped Across The World This Week
Ukraine was the hardest hit nation, according to CNN Money.
STORIES IN THE WORKS
The I.I.I.’s Janet Ruiz will be discussing the cost of auto insurance for senior citizen drivers with The Bloomington, Indiana, Herald-Times’ Jennifer Porter Tilley.
The I.I.I.’s Lynne McChristian was interviewed by Nick DiUlio of InsuranceQuotes.com about the reasons behind the wide auto insurance cost disparities in Florida.
Christina O’Neill is readying a story for Banker & Tradesman on the conversion of the Savings Bank Life Insurance Company of Massachusetts to a mutual firm.
The Baltimore Sun’s Jessica Anderson, who wrote last week about the Baltimore businesses that are suing the city for its actions during the 2015 riots, wants to do a piece revisiting the aftermath of the city’s 1968 riots.
The Charleston Regional Business Journal’s Patrick Hoff is writing about a new South Carolina law requiring establishments that allow on-premises consumption of alcoholic beverages to have at least $1 million in liquor liability coverage.
CAPITOL HILL
The U.S. House of Representatives won praise from The Wall Street Journal’s editorial page last weekend for wanting to bring “some market discipline” to FEMA’s National Flood Insurance Program (NFIP).
U.S. Senators Tim Scott (R-South Carolina) and Brian Schatz (D-Hawaii) introduced this week the Repeatedly Flooded Communities Preparation Act. Both lawmakers are on the U.S. Senate’s Banking, Housing and Urban Affairs committee.
Christopher Campbell has been nominated to be Assistant Secretary of the Treasury, Financial Institutions. Campbell currently serves as the U.S. Senate Finance Committee’s Majority Staff Director.
STATES
Alabama
Tropical Storm Cindy generated four tornadoes, which caused damage last week in four counties: Covington, Escambia, Jefferson, and Shelby.
Arizona
Governor Doug Ducey declared a state of emergency and directed additional resources be made available for the state’s wildfire suppression efforts.
The Frye Fire, about 70 miles northeast of Tucson, has burned approximately 30,000 acres. Meanwhile, the Goodwin Fire (Yavapai County), is threatening homes in Breezy Pines, Pine Flat and Walker.
California
The Manzanita Fire (Riverside County) has burned in excess of 6,000 acres and prompted evacuations for the communities of Poppet Flats and Silent Valley, which have since been rescinded.
The Hill Fire (San Luis Obispo County) burned nearly 1,600 acres. Evacuation orders for all residents and homes in the area were lifted last night (June 27).
The Wall Street Journal reports nearly three-quarters of the state’s 1,585 dams are rated as having either high or significant risk of failure, according to a report by the American Society of Civil Engineers.
Florida
Initial reports indicate a lightning strike killed one construction worker and injured another yesterday (June 27) in Pembroke Pines, near Fort Lauderdale.
Former state Representative Jimmy Patronis will become the state’s next Chief Financial Officer. CFO Jeff Atwater is leaving office for a position at Florida Atlantic University.
Independent adjusting firms that want to work for Citizens Property Insurance Corporation following a major natural disaster have until Thursday, July 13, to respond to a Citizens Request for Proposals (RFP).
Georgia
Former Insurance Commissioner John Oxendine lost another round in his court fight to have accusations dismissed over his handling of campaign money during Oxendine’s unsuccessful 2010 gubernatorial campaign.
Louisiana
U.S. Senators Bill Cassidy and John Kennedy are playing key roles in D.C. amid the FEMA NFIP reauthorization debate, the Baton Rouge Advocate reports.
Michigan
Isabella and Midland counties were declared disaster areas on Friday, June 23, after severe weather and intense rain caused widespread flooding.
Missouri
John Huff, the state’s former Insurance Director, was named a partner in the Kansas City office of Dentons, the law firm.
Nebraska
Federal assistance is available to local governments in 10 counties for recovery efforts following the April 29-May 3, 2017, severe weather in those communities.
New York
The I.I.I.’s Michael Barry discussed the off-premises theft protection offered by standard homeowners insurance policies in this Friday, June 23, New York City CBS affiliate segment.
Oklahoma
The number of seismic events statewide with a magnitude of 2.5, or greater, has declined over the past six months because new hydraulic fracturing protocols have taken effect, a new governmental report stated.
Tennessee
Federal assistance is available to local governments in 12 counties for recovery efforts following the May 27-28, 2017, severe weather in those communities.
Utah
The Brian Head Fire (Iron County) has burned more than 40,000 acres, destroyed 13 homes and prompted the mandatory evacuation of 1,500-plus residents.
Washington
The South Wenas Fire began yesterday (June 27) and is threatening 120 homes near Selah (Yakima County). The fire prompted both mandatory and voluntary evacuations. FEMA is now getting involved.
SOCIAL MEDIA REPORT
Petya Cyberattack
The Petya cyberattack has been generating a great deal of discussion on social platfoms. The ransomware attack hit several major companies across the Europe and the U.S., including pharmaceutical group Merck and oil company Rosneft. Follow the conversation using the hashtag #Petya and #PetyaRansomware.
Western U.S. wildfires
Wildfires in California, Utah and Arizona are being discussed widely on social this week. For frequent updates on wildfire activity and containment for all three states, visit @CAL_FIRE, @Utah_Wildfire and @BLMAZFire on Twitter. Also, follow the I.I.I.’s Janet Ruiz at @InsuringCAL for California updates.
WSJ on Insurance Careers
The Wall Street Journal recently released a story on the ways in which insurers recruit new hires. You can find the story by visiting the WSJ’s @LeslieScism on Twitter. To track the conversation on millennials and insurance on social, use the hashtag #CareerTrifecta.
MEDIA MATTERS
Little Rock, Arkansas-based Media Gateway has 45 full-and part-time employees who provide live news updates to TV stations in Salisbury, Maryland; Hattiesburg and Meridian, Mississippi; and Gainesville, Florida.
The Staten Island Advance, a daily newspaper covering that New York City borough, is offering voluntary buyouts to employees who have been with the publication for at least 20 years.
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.
