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 5, please email Loretta Worters at lorettaw@iii.org.
I.I.I. CONDUCTS MORE THAN 40 MEDIA INTERVIEWS IN THE WEEK FOLLOWING THE MOORE TORNADO
The I.I.I.’s Lynne McChristian and Bob Hartwig were in Moore, Oklahoma, late last week; I.I.I. editorial content and subject matter experts have in recent days been quoted and cited in international (BBC, Canadian Broadcasting Corporation), national (CNN, The Wall Street Journal) and regional (Daily Oklahoman, Tulsa World) media outlets discussing insurance issues.
The I.I.I.’s Disaster Newsroom blog is also up and running with the latest insurance, claims filing and recovery information for victims of the Moore tornado.
OKLAHOMA INSURANCE DEPARTMENT REPORTS THAT 22,442 TORNADO RELATED INSURANCE CLAIMS HAVE ALREADY BEEN FILED
Insurance Commissioner John Doak, who cited the I.I.I.’s Hartwig in this Fox Business Network interview while also praising the industry’s swift response, issued a news release on Wednesday, May 29, saying that 22,000-plus property and auto insurance claims have already been filed. In addition, the department issued this emergency bulletin to insurers on Thursday, May 23.
NOAA FORESEES ACTIVE 2013 HURRICANE SEASON IN THE ATLANTIC BASIN; CITES ‘70 PERCENT LIKELIHOOD’ OF 13 TO 20 NAMED STORMS
The National Oceanic and Atmospheric Administration’s (NOAA) outlook was released on Thursday, May 23. NOAA said that, of the 13 to 20 named storms, seven to 11 were likely to become hurricanes, and three to six of them could become major hurricanes (Category 3, or higher). The seasonal average is 12 named storms, six hurricanes, and three major hurricanes.
I.I.I.’s WEBSITE, SOCIAL MEDIA PLATFORMS FOCUS ON NATIONAL HURRICANE PREPAREDNESS WEEK (MAY 25-JUNE 1)
Preparing for a Hurricane was highlighted this week on the I.I.I. website’s home page, and the issue of preparedness was also discussed in the I.I.I.’s Terms + Conditions blog. In a related development, the Insurance Institute for Business & Home Safety (IBHS) launched Open for Business (OFB)-EZ, a new disaster planning tool for businesses with fewer than 10 employees.
I.I.I. LIFE, ANNUITIES SUBCOMMITTEE CALL IS JUNE 4, 11 A.M., ET; SOCIAL MEDIA SUBCOMMITTEE TELECONFERENCE IS ON JUNE 5, 3:30 P.M., ET
A.M. BEST ESTIMATES 2012 CATASTROPHE LOSSES WERE $34.2 BILLION, DOWN FROM $41.3 BILLION IN 2011 DESPITE SUPERSTORM SANDY
The industry’s policyholders’ surplus grew in 2012 to $598.4 billion, higher than the previous record of $572.2 billion in 2010, according to this Wednesday, May 22, A.M. Best report.
AUTO INSURER WEBSITES SCORE HIGHER FOR POLICY SERVICING THAN FOR POLICY SHOPPING, NATIONAL SURVEY FINDS
Using auto insurance company websites to service an existing policy is generally easier than using them to shop for a policy, a JD Power and Associates consumer survey released on Wednesday, May 22, found.
WASHINGTON STATE BRIDGE COLLAPSE AND MARYLAND TRAIN DERAILMENT GENERATE NATIONAL HEADLINES
Washington’s governor is estimating it will cost at least $15 million to repair a bridge that collapsed about 60 miles north of Seattle on Thursday, May 23, CNN reports. Meanwhile, on Tuesday, May 28, a freight train hauling chemicals struck a truck and derailed outside Baltimore, triggering an explosion that may have damaged nearby industrial buildings.
I.I.I. FEATURED ON FORBES COLUMNIST’S CEO SHOW AND PARTICIPATES IN TODAY MONEY’S LIVE CHAT
The I.I.I.’s Hartwig was interviewed by Forbes columnist Robert Reiss for The CEO Show. The discussion was posted on Sunday, May 26. The I.I.I.’s McChristian participated in a Wednesday, May 29, live chat on tornadoes, hurricanes and insurance coverage issues for NBC’s Today Money website. It led to this article.
I.I.I. OFFERS BRIEFING ON EARTHQUAKE INSURANCE COVERAGE; BANKRATE.COM, REAL SIMPLE HAVE INSURANCE STORIES IN WORKS
The I.I.I.’s Loretta Worters gave a presentation as part of a Thursday, May 30, Central U.S. Earthquake Consortium webinar on getting your home ready for earthquakes, the I.I.I.’s Salvatore provided information to Bankrate.com for an upcoming story it is readying on insurance discounts offered to domestic partners, and the I.I.I.’s Barry was interviewed by Real Simple magazine for a story it will publish on the basics of homeowners and flood insurance coverage.
CAPITOL HILL
Russ Rader of the Insurance Institute for Highway Safety offered a preview of the Highway Loss Data Institute’s Thursday, May 30, news release on Michigan’s weakened helmet use law.
Debra Ballen of IBHS is testifying before a U.S. House subcommittee on Wednesday, June 5, in support of H.R. 1786, The National Wind Impact Reduction Reauthorization Act.
New Jersey’s two U.S. Senators are supporting the enactment of S. 1075, legislation which would extend the phase-in of actuarial rates for flood insurance for certain properties under the Biggert-Waters Flood Insurance Reform Act of 2012.
Rep. Gary Miller (R-California) has introduced the Insurance Capital and Accounting Standards Act of 2013, a bill to help ensure the affordability and availability of insurance products for consumers by providing clarity with regard to the capital standards applicable to insurance companies, according to this Thursday, May 23, news release from his office.
STATES
California
A 4.6 magnitude earthquake struck about 12 miles west of Santa Barbara on Wednesday morning, May 29, according to KSBY’s same-day story.
A Santa Barbara County wildfire is largely under control after burning 2,000-plus acres, according to this Wednesday, May 29, Los Angeles Times article.
A 5.7 magnitude earthquake on Thursday evening, May 23, was felt in San Francisco, even though its epicenter was about 145 miles north of Sacramento, Fox News reports.
Florida
A Collier County judge approved recently the settlement of a 2011 lawsuit filed by residents of the Monaco Beach Club condominium development. The suit was filed against the Club’s board of directors for its alleged mishandling of a Hurricane Wilma related insurance claim in 2005, the Naples Daily News reported, in a Saturday, May 25, article.
New York
The state Department of Financial Services announced on Tuesday, May 28, that is seeking information from the state’s largest insurance companies regarding the procedures insurers have in place to protect themselves, and their policyholders’ personal information, from cyber attacks.
Ohio
The Columbus Dispatch reported in this Sunday, May 26, article how publicity about unclaimed life insurance policies has prompted increased interest in the topic among Ohioans.
Pennsylvania
The University of Pennsylvania Law School announced on Tuesday, May 28, that it received a $15 million gift to establish the Quattrone Center for the Fair Administration of Justice, a national research and policy hub.
SOCIAL MEDIA REPORT
The Oklahoma tornado is still trending in social media. Insurance companies and journalists are talking about the tornado’s total estimated insured losses, and sharing information on claims filing via Twitter and Facebook. One big concern among homeowners is how fast insurance companies can provide them with money to help support the rebuilding process.
Another popular topic is preparation for hurricane season with an emphasis on homeowners getting flood insurance and taking a home inventory. Insurance agents on Twitter are sharing I.I.I. content about how best to prepare.
MEDIA MATTERS
Lee Sandlin’s The Storm Kings: The Untold History of America’s First Tornado Chasers received a favorable review in the print edition of the Wednesday, May 29, New York Times.
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
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