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, April 6, please email me at michaelb@iii.org.
FEDERAL JUDGE RESCINDS METLIFE’S DESIGNATION AS A SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTION (SIFI)
Judge Rosemary Collyer overturned MetLife Inc.’s SIFI designation by the Financial Stability Oversight Council (FSOC), saying regulators failed to assess adequately MetLife’s vulnerability to extreme financial distress and the potential economic impact of the designation.
U.S. GEOLOGICAL SURVEY (USGS) SAYS MULTIPLE STATES ARE VULNERABLE TO MAN-MADE EARTHQUAKES
The USGS found the most significant risks from man-made earthquakes are in Oklahoma, followed by Kansas, Texas, Colorado, New Mexico and Arkansas. The I.I.I.’s Michael Barry told CNBC the USGS report may prompt businesses to consider purchasing earthquake insurance coverage.
NATIONAL INSURANCE CRIME BUREAU (NICB) FINDS THE NUMBER OF U.S. WATER DAMAGE CLAIMS ROSE ONE PERCENT BETWEEN 2014 AND 2015
Massachusetts (+115 percent), Texas (+22 percent), and Florida (+14 percent) saw the greatest year-over-year percentage increases, among the Top 10 water damage loss states.
CHUBB’S SENIOR VICE PRESIDENT & CHIEF COMMUNICATIONS OFFICER IS LEAVING IN THE WAKE OF ITS ACQUISITION BY ACE LIMITED
Mark Greenberg’s (email: abbaww@yahoo.com) final day at Chubb is Friday, April 1. He has been with the Warren, New Jersey-based insurer for the past 17 years.
INSURANCE INDUSTRY CHARITABLE FOUNDATION (IICF) HOSTING THURSDAY, APRIL 7, RECEPTION IN PHILADELPHIA
The IICF’s Philadelphia Chapter Kickoff is being held from 5:30 to 7 p.m., at Zurich North America, 2000 Market Street, Philadelphia. To RSVP, email the IICF’s Betsy Myatt (emyatt@iicf.org) under the subject line ‘Philadelphia Kickoff.’
CAPITOL HILL
The Toyota Prius v was the only one of the 31 midsize 2016 cars examined by the Insurance Institute for Highway Safety (IIHS) to be ranked as having ‘Good’ headlights.
The Financial Stability Oversight Council’s (FSOC) mission includes responding to systemic risks yet FSOC has limited authority under the Dodd-Frank Act to do so, according to a Government Accountability Office (GAO) report (see page 81).
Congress should forgive the National Flood Insurance Program’s (NFIP) $23 billion debt, 30-plus U.S. House members said, in a letter to the U.S. House’s Appropriations Committee.
STORIES IN THE WORKS
The I.I.I.’s Bob Hartwig offered his views on the workers’ compensation insurance industry in an interview with W/C Report’s Nancy Grover. The publication is affiliated with Risk & Insurance magazine.
The I.I.I.’s James Lynch was interviewed by The Roanoke, VA, Times’ Duncan Adams (natural gas pipelines and property insurance) and The Arkansas Business Journal’s Mark Friedman (school liability coverage for football-caused injuries).
The I.I.I.’s Janet Ruiz spoke with the San Andreas, CA-based Calaveras Enterprise’s Travis Taborek about property insurers who are non-renewing policies in the communities impacted by 2015’s Butte Fire, and with Money Geek’s Mary Purcell regarding distracted driving.
The I.I.I.’s Barry provided information on insurance coverage for hail-caused property damage to The Weather Channel’s Ioanna Dafermon earlier this week.
STATES
Alaska
The Sunday, March 27, eruption of the Pavlof Volcano disrupted air travel in the region, with pilots observing an ash cloud up to 20,000 feet above the volcano. Pavlof is situated 580 miles southwest of Anchorage.
California
A federal appeals court upheld a jury’s $382,000 damage award to a Federal Express Corp. worker from Oakland who was fired after he suffered a workplace injury.
Colorado
The Front Range blizzard dropped a month’s worth of snow on Denver on Wednesday, March 23, leaving the state’s northern watersheds full heading into April.
Florida
Governor Rick Scott and Chief Financial Officer (CFO) Jeff Atwater openly disagreed this week about whom should become the next Insurance Commissioner. The governor wanted Jeffrey Bragg to succeed Commissioner Kevin McCarty while the CFO favored state Rep. Bill Hager (R-Delray Beach).
The I.I.I’s Elianne Gonzalez gave a live interview to MEGA-TV’s (WSBS, Miami) Maria Elvira Salazar about insurance for business owners on Monday evening, March 28.
The I.I.I.’s Jeanne Salvatore is meeting in Miami on Tuesday, April 5, with Dr. Richard Knabb, director of the National Hurricane Center, to discuss how the I.I.I. and the National Oceanic and Atmospheric Administration (NOAA) can work together more closely regarding disaster communications.
Kansas
The Anderson Creek Fire is the largest wildfire in the state’s history, burning nearly 400,000 acres in Barber and Comanche counties as well Oklahoma’s Woods County. The economic fallout for ranchers in southwest Kansas has been significant, Wichita’s NBC affiliate reports.
Louisiana
FEMA’s new flood maps are expected to remove thousands of New Orleans residential and commercial properties from Special Flood Hazard Areas that require the purchase of flood insurance, in part because of the city’s upgraded hurricane levee system.
The Jackson, Rapides, Red River and Sabine parishes have been added to the list of communities eligible for federal disaster assistance due to this month’s flooding.
Ray Nagin: New Orleans Shakedown will be featured on CNBC’s American Greed program tomorrow (March 31), at 9 p.m., CT. Nagin was the mayor of New Orleans when Katrina hit the city in 2005.
Mississippi
The president approved a major disaster declaration on Friday, March 25, making federal funding available to individuals affected by this month’s flooding in Bolivar, Coahoma, and Washington counties.
Oklahoma
The USGS reported two quakes—one a magnitude 4.2, and the other a 4.1—occurred in Logan County earlier this week. There were no reports of either injuries or property damage.
Vermont
Insurance Commissioner Susan Donegan is stepping down from her current post effective Thursday, June 30.
Virginia
Governor Terence McAuliffe has requested a federal major disaster declaration for the tornadoes and severe windstorms which swept through the counties of Appomattox, Essex, and Waverly on Wednesday, February 24.
SOCIAL MEDIA REPORT
PrepareAthon Video Chat
FEMA’s PrepareAthon, a national campaign to increase disaster preparedness awareness, is having on Wednesday, April 6, at 2 p.m., ET, a live video discussion at Periscope with Property Casualty Insurers Association of America (PCI).
April is Distracted Driving Awareness Month (DDAM)
To mark DDAM, the I.I.I. released a Check20 email aimed at calling consumers’ attention to the issue. The I.I.I. website’s home page currently includes safety tips to reduce distracted driving, too.
New York Auto Show
The NY International Auto Show is being held at New York City’s Jacob Javits Center through Sunday, April 3. To follow the event on social, use the hashtag #NYIAS, and follow the @NYAutoShow on Twitter.
USGS’s Earthquake Report
You can follow @USGS on Twitter as well as its earthquake-related account @USGSBigQuakes. A full list of their social media accounts is at www.usgs.gov/socialmedia.
USGS also has information on earthquake hazard maps and site-specific data on its website, along with human-induced earthquake research and a downloadable one-year forecast report on seismic hazards for the Central and Eastern U.S.
Insurance Institute for Highway Safety (IIHS) gives high marks to Toyota Prius’ headlights
You can watch the IIHS explain its Prius headlight rating and view the organization’s other videos on the IIHS YouTube channel. The IIHS is on Twitter at @IIHS_autosafety.
MEDIA MATTERS
Fox News Channel had in 2016’s first-quarter its highest ratings ever, leading basic cable in terms of average day time (1.35 million) and prime time (2.37 million) viewers. CNN saw its ratings surge, too, averaging 732,000 viewers during the day and 1.4 million between 8 and 11 p.m., ET.
David Gregory, former host of NBC’s Meet the Press, has joined CNN as a contributor.
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
