To recap the issues raised during Wednesday’s conference call, here are some of the key media stories, and the messages we’re conveying.
Japan earthquake, tsunami generate international media attention as early signs point to the quake being one of the costliest in world history:
The I.I.I. issued a same-day news release on the earthquake and tsunami, and also created this resource page on Friday, March 11, as the media turned to the institute, looking to put the events in Japan into historical perspective. I.I.I. president Robert Hartwig taped a commentary and produced a presentation on the situation. Hartwig was also interviewed on Friday, March 11, for Best Day Audio (subscription required), and was later quoted near the end of this Wednesday, March 16, New York Times article.
I.I.I.’s president appears on Al Jazeera English, NPR and CNBC; briefs Barclays about insurer and reinsurer capacity in the aftermath of Japan’s catastrophes:
The I.I.I.’s Hartwig appeared live on Al Jazeera English on Sunday evening, March 13, and CNBC’s Closing Bell on Monday afternoon, March 14, and participated in a Barclays Capital conference call about the potential insurance industry implications of the Japan earthquake on Tuesday, March 15. His National Public Radio (NPR) interview about Japan aired on Thursday, March 17.
I.I.I. compiles backgrounder on insurance and the nuclear energy industry as media focus shifts to tsunami-damaged reactors:
Thousands of people living near Japan’s Fukushima Daiichi nuclear power plant have been evacuated from their homes because of the risk of radiation leaks after the devastating earthquake and tsunami on March 11. Meanwhile, the Japanese government has raised the official warning level as the nuclear crisis worsens. The I.I.I. produced this background paper in order to educate the public and the media about the insurance system for nuclear accidents in the U.S.
Insurance Information Network of California (IINC) deals extensively with West Coast media as reporters cover tsunami, radiation concerns:
IINC issued this news release before the sun rose in California on Friday, March 11, and fielded dozens of calls in recent days as journalists monitored the Japanese tsunami’s impact on California’s coastal cities, and explored whether radiation from Japan’s nuclear energy plants could impact the health of Californians.
I.I.I. works with Los Angeles Times personal finance columnist on earthquake coverage story:
Kathy Kristof’s Monday, March 14, article, which was also posted to CBS Money Watch, was compiled based largely on Kristof’s interview with the I.I.I.’s Loretta Worters, although the I.I.I. is not mentioned in the text.
Wall Street Journal consumer reporter researching U.S. earthquake, tsunami and nuclear radiation coverages:
The I.I.I.’s Hartwig spoke this week with the WSJ’s MP McQueen about these issues in the wake of conflicting reports about which losses were covered, and which were not, in Japan. McQueen said she is not committed to doing a story but is in the fact-gathering phase at this point.
New CNBC producer welcomes insurance industry news:
Margaret Popper, a New Jersey-based CNBC producer who joined that network recently after a stint at Bloomberg, worked with the I.I.I.’s Mike Barry on CNBC’s insurance-related Japan coverage. Popper said she is interested in receiving news about the insurance industry. Her email address is margaret.popper@nbcuni.com; phone number: 201-735-3189.
Illinois’ top insurance regulator to become the first head of the Federal Insurance Office (FIO):
Michael McRaith, director of the Illinois Insurance Department, was named the first FIO director by Treasury Secretary Timothy Geithner the day after our media call, according to a Thursday, March 17, item in D.C.-based The Hill. The insurance trade press subsequently reported McRaith will remain in his current job at least through late May 2011.
C-SPAN 3 broadcasts U.S. House hearing on the National Flood Insurance Program:
The future of the NFIP was discussed at this two-plus hour session on Friday, March 11.
I.I.I.’s editorial content on insurance art prompts interest in topic from a number of magazines:
The I.I.I.’s prominent mention in this Tuesday, March 8, New York Times Bucks blog column on insuring art work has led to calls to the I.I.I. from several magazines that cover the art industry.
New York Times in earliest stages of prepping a special section on home renovations:
The I.I.I.’s Jeanne Salvatore was contacted by the NYT’s Wealth Matters columnist, Paul Sullivan, for guidance on the insurance issues that can arise during a home renovation project.
USA Today and Kiplinger’s are preparing lengthy auto insurance-related articles:
The stories are in their earliest stages of development and we should have more details soon.
Business Insurance had front-page story in its March 14, 2011, edition on March 25, 2011, Triangle Fire anniversary in New York City:
Insurance industry and risk management experts are quoted throughout reporter Judy Greenwald’s multiple stories on how the deaths of 146 workers at a high-rise factory on March 25, 1911, ushered in a new era in fire safety. The I.I.I. explored many of these same themes in this Friday, March 18, news release.
Texas media likely to focus on Tuesday, March 22, Texas Windstorm Insurance Association (TWIA) board meeting:
TWIA is the subject of 2,000 lawsuits, a fraud investigation by a district attorney, and has recently fallen under the direct oversight of the Texas Department of Insurance, issues that may arise as TWIA’s board of directors convenes on Tuesday, March 22.
Houston Chronicle reports how four Texas state lawmakers earned tens of thousands of dollars in TWIA-related fees and commissions:
The four Texas lawmakers in question were also members of committees overseeing the state-run TWIA, according to this Monday, March 14, Houston Chronicle story. The article provides specific information on how the four lawmakers named in the article profited from hurricane-related insurance sales and litigation.
Mississippi authorizes creation of a computerized system to track compliance with auto insurance liability laws:
The Biloxi Sun Herald offered details on the Legislature’s approval of House Bill 620, which is now headed to Governor Barbour’s desk, in a Wednesday, March 16, article. Aimed at reducing the number of uninsured motorists in Mississippi, HB 620 would require drivers to have auto insurance before they could receive a car tag, and would create a computerized system that tax collectors could consult before issuing or renewing an auto tag, and that law enforcement officers could check when a motorist is pulled over, or involved in an auto accident.
Florida’s state-owned Citizens Property Insurance Corporation has approved two alternative methods to make aluminum branch wiring safe and insurable:
The move comes in response to a decision from the summer of 2010, when Citizens and all private insurers in the state said they would no longer write new policies on homes with aluminum wiring because it could be a fire hazard. As a result homeowners wanting to sell their homes would have had to spend anywhere from $5,000 to $20,000 to rewire their homes with copper wiring in order to make them insurable. Now Citizens has approved two types of electrical wiring connectors—AlumiConn and Copalum—as acceptable methods of avoiding rewiring. The Pensacola News Journal had a story on this development in its Tuesday, March 15, edition.
Florida’s chief financial officer announces Seminole Casualty Insurance Company has been ordered into receivership for the purpose of liquidation:
Seminole has about 36,000 private-passenger auto policyholders in Florida, according to this Tuesday, March 15, news release, from CFO Jeff Atwater.
