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, May 8, please email me at michaelb@iii.org.
INSURANCE INDUSTRY CHARITABLE FOUNDATION PREPARING FOR ITS JUNE 12-14, 2013 WOMEN IN INSURANCE GLOBAL CONFERENCE
More than 350 people have already registered to attend the event, to be held at the Marriott Marquis Times Square in Manhattan. A brochure with additional details is attached.
YEAR-END 2012 PROPERTY/CASUALTY INSURANCE INDUSTRY FINANCIAL RESULTS RELEASED; I.I.I.’s PRESIDENT OFFERS ANALYSIS
U.S. property/casualty insurers’ net income after taxes grew to $33.5 billion in 2012 from $19.5 billion in 2011. The combined ratio—a key measure of losses and other underwriting expenses per dollar of premium—improved to 103.2 percent for 2012 from 108.1 percent for 2011. I.I.I. president Bob Hartwig offered his commentary on the numbers.
CONSUMER REPORTS SURVEY FINDS NEARLY 30 PERCENT OF SANDY’S FLOOD DAMAGED HOMES WERE NOT COVERED BY FLOOD INSURANCE
More than 8,300 CR readers responded to the publication’s online survey, and “nearly half of all insurance claims for $40,000 or more were still pending in March 2013,” according to this Monday, April 29, Consumer Reports article.
FEDERAL GOVERNMENT SPENT $136.5 BILLION IN RESPONSE TO 96 U.S. DISASTERS IN FISCAL YEARS 2011-2013, GROUP ESTIMATES
Released on Monday, April 29, The Center for American Progress found that these expenditures cost the typical U.S. household nearly $400 in each of those years. The Washington Post was among the major media outlets that examined the organization’s research and analysis.
ABC NEWS INTERVIEWS I.I.I. ABOUT TERRORISM INSURANCE; WSJ ASKS ABOUT SANDY RECOVERY, MOLD EXCLUSIONS
The I.I.I.’s Hartwig was quoted in this Friday, April 26, ABC News online piece on the federal government’s role in determining when a terrorism risk insurance policy is triggered, and spoke with Roll Call/Congressional Quarterly about this issue, as well. The Wall Street Journal cited the I.I.I. in a Thursday, May 2, print article on how 200,000 businesses filed Sandy claims and a Friday, May 3, story on mold coverage for a residential property.
CAPITOL HILL
The I.I.I.’s Hartwig and Steve Weisbart met on Wednesday, May 1, in Washington, D.C., with senior staff members at the U.S. Treasury’s Federal Insurance Office (FIO).
FIO is accepting public comments through Monday, June 24, for incorporation into Natural Catastrophes and Insurance, a study FIO must compile, the Federal Register states.
The Joint Committee on Taxation (JCT) will deliver its report to the U.S. House Ways and Means Committee on Monday, May 6.
Marsh briefed Congressional staff members in Washington, D.C., this week on its 2013 Terrorism Risk Insurance Report, which was released on Tuesday, April 30.
The president nominated Anthony Foxx, the mayor of Charlotte, North Carolina, to succeed Ray LaHood as U.S. Secretary of Transportation.
STATES
Alabama
The state’s Insurance Department told NBC’s Montgomery affiliate a homeowner can purchase sinkhole coverage for anywhere from $30 to $70 a year, according to this segment, which aired on Monday, April 29. The issue of insurance arises for the first time more than three-plus minutes into the story.
California
A 3.2 magnitude earthquake occurred about two miles north of El Segundo on Friday, April 26, and a 2.8 temblor was felt in the same area on Sunday, April 28. Dr. Lucy Jones of Cal Tech and the U.S. Geological Survey told KNX 1070 News Radio on Monday, April 29, that it has been unusually quiet in southern California since 1994’s Northridge earthquake.
Insurance Commissioner Dave Jones is facing legal action from Mercury General Corp. related to his authority to regulate premiums and whether his responsibilities include allowing insurers to earn a fair profit, according to this Tuesday, April 30, Sacramento Bee article.
Florida
Tampa’s WTSP broadcast on Monday, April 29, the findings of its investigation into auto glass repair scams. The I.I.I.’s Lynne McChristian worked closely with reporter Noah Pransky, providing information about this type of insurance fraud, and connecting him to industry sources who could speak on-air about the problem.
The Senate (SB 1770) and House (HB 909) are trying to reach an accord by the end of the legislative session on Friday, May 3, on how to overhaul the state’s property insurer of last resort, according to this Tuesday, April 30, Sarasota Herald Tribune story.
Minnesota
Commerce Commissioner Michael Rothman was interviewed for this Monday, April 29, ABC affiliate story in St. Paul/Minneapolis on consumers who have recovered monies due them through a search of the state’s unclaimed property database, which includes information about life insurance policies and bank accounts.
New Jersey
The Asbury Park Press’ Sunday, April 28, print edition featured a special section called Finding Our Way Back about the region’s Sandy recovery.
New York
New York City’s ABC affiliate found that a sizable number of residents in Staten Island’s Oakwood Beach residents are open to the idea of having New York State purchase their Sandy-damage properties, according to this Sunday, April 28, segment but The New York Times said that is not the case in most Sandy-affected communities in downstate New York.
New York City’s NBC affiliate aired on Friday, April 26, a story about a flood insurance policyholder in Woodmere (Nassau County, Long Island) whose claim was denied because of a National Flood Insurance Program (NFIP) exclusion. The I.I.I.’s Mike Barry appears briefly in the segment, discussing the industry’s Sandy response.
North Carolina
Insurance Commissioner Wayne Goodwin will deliver the luncheon keynote address on Thursday, May 16, at the Build It Better Leadership Forum in Charlotte (May 16-17). Attendees will have an opportunity to tour the IBHS Research Center in Chester County, South Carolina, earlier on that same day (May 16).
Ohio
The percentage of uninsured Ohio motorists has grown substantially since 2007, and could rise even higher when the state raises its mandatory minimum liability coverage limits in December 2013, according to this front page story in the Sunday, April 28, print edition of The Columbus Dispatch.
Tennessee
Governor Bill Haslam signed into law the Tennessee Workers’ Compensation Reform Act of 2013. The measure, which goes into effect on January 1, 2014, separates the Division of Workers’ Compensation (DWC) from the Department of Labor and Workforce Development, except for administrative matters, and creates the Court of Workers’ Compensation Claims.
SOCIAL MEDIA REPORT
May has started off with two trending items: information about it being Motorcycle Safety Awareness Month and the fact that it is the start of the most dangerous time of year for teen drivers. Insurance professionals are tweeting these stories and linking back to I.I.I. content.
Tech Soup.org featured the I.I.I. Know Your Plan app in its piece on disaster preparation apps; this story is being shared on Twitter by consumer safety groups and getting attention from tech groups who are exploring emerging social technologies.
NBC News filed an online story on Friday, April 26, on flood insurance. It featured the I.I.I.’s Jeanne Salvatore and her quote “Low risk doesn’t mean no risk.” The line was popular on Twitter with people sharing information about the importance of understanding flood insurance. Market Watch estimates that 1 in 5 homeowners do not fully understand flood insurance.
Google’s self-driving cars returned this week to the spotlight with Business Insider.com sharing on Tuesday, April 30, a story on how these cars gather and process data. The reaction in social media is enthusiasm and belief that self-driving cars are going to save lives. Insurance agents and journalists are sharing this story on Twitter and Facebook.
MEDIA MATTERS
West Virginia’s Library Television Network broadcast recently a public affairs program featuring I.I.I. videos.
The Weather Channel launched Tornado Week on Monday, April 29.
CNN’s new morning program will be called New Day.
The Wall Street Journal, The New York Times and USA Today are the newspapers with the highest daily circulations in the U.S., a calculation that now includes digital subscribers.
The New Orleans Times-Picayune is launching a newsstand only print edition for days when they are not delivering print editions to their home subscribers.
The sale of The Baton Rouge Advocate has been finalized.
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.
