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, November 9, please email Mike Barry at michaelb@iii.org.
OCTOBER STORM BRINGS RECORD AMOUNTS OF SNOWFALL TO STATES EXTENDING FROM MARYLAND TO MAINE; MILLIONS LOSE POWER
This National Weather Service summary offered details on the Saturday, October 29?Sunday, October 30 snowfall amounts in the impacted states. Reporters have been incorporating information from the I.I.I.’s winter storms and insurance facts and statistics into their stories while noting that winter officially arrives on Wednesday, December 21.
I.I.I. ISSUES RELEASE ON WHAT IS AND IS NOT COVERED WHEN WINTER ARRIVES EARLY; BLOG GIVES HISTORIC CONTEXT
The I.I.I.’s Monday, October 31, news release, generated widespread media interest. Claire Wilkinson’s Terms +Conditions blog on the same day offered an excellent analysis of the previous weekend’s highly unusual storm.
I.I.I. PROVIDES INSURANCE INSIGHTS TO MEDIA AS REPORTERS FOCUS ON DAMAGE CAUSED BY FALLEN TREES
The I.I.I.’s Mike Barry was interviewed on this topic for a Monday, October 31, segment which aired on WNBC-TV, New York City’s NBC affiliate. Barry also gave a live interview on the insurance repercussions of the storm to WTIC-AM, an all-news radio station in Hartford, Connecticut, on Sunday, October 30. The I.I.I.’s Loretta Worters was quoted in an article in The Wall Street Journal (subscription required) and interviewed by Smart Money. The Hartford Courant cited the I.I.I.’s Jeanne Salvatore. In addition, Salvatore conducted an interview with WABC-TV, New York City’s ABC affiliate.
WALL STREET JOURNAL REPORTS REGULATORS BELIEVE A FEW LIFE INSURERS MAY BE IMPROPERLY LOWERING THEIR RESERVES
Some of the nation’s largest life insurers have improperly lowered their reserves to pay claims from a relatively new type of universal life insurance that allows customers to pay a minimal premium to keep the policy in-force, according to this Tuesday, November 1, Wall Street Journal (subscription required) article. Genworth Financial Inc., Lincoln National Corp. and Protective Life Corp. are among the insurers that acknowledge using the controversial methodology, the story states. The insurers insist their approach is appropriate and that their reserves are adequate.
TREASURY DEPARTMENT ANNOUNCES APPOINTMENT OF 15 INDIVIDUALS TO SERVE ON THE FEDERAL ADVISORY COMMITTEE ON INSURANCE
The names and titles of the committee members are listed in this Wednesday, November 2, news release.
NATIONAL FLOOD INSURANCE PROGRAM (NFIP) IS SCHEDUULED TO EXPIRE ON FRIDAY, NOVEMBER 18, 2011
The U.S. Senate has not as yet acted on the extension measure that passed the U.S. House of Representatives weeks ago.
FLORIDA NEWSPAPER TO CHANGE ITS NAME TO THE TAMPA BAY TIMES
The Tampa Bay Times will, effective January 1, 2012, be the new name of what is today called The St. Petersburg Times.
DALLAS MORNING NEWS STORY SAYS ABOUT 15 PERCENT OF ALL TEXAS DRIVERS HAVE NO AUTO INSURANCE COVERAGE
The Insurance Research Council (IRC) told the Dallas Morning News (subscription required) that the IRC estimates 14.9 percent of Texas motorists are uninsured, slightly above the national average of 13.8 percent, according to a Thursday, October 27, article.
FEMA ANNOUNCES THAT COASTAL MISSISSIPPI CITIES ARE ELIGIBLE FOR ADDITIONAL DISCOUNTS ON THEIR FLOOD INSURANCE PREMIUMS
Pascagoula and Gulfport have been informed that property owners in those cities’ flood zones are eligible for additional discounts on their National Flood Insurance Program (NFIP) premiums, according to this Friday, October 28, Biloxi Sun Herald article. Pascagoula’s FEMA rating improved to five from six, enabling flood zone residents to get a 25 percent reduction. Gulfport’s rating was changed to six from eight, meaning residents in that city’s flood zones will get a 20 percent reduction, the story states.
FEMA DENIES FINANCIAL ASSISTANCE FOR LOUISA COUNTY, VIRGINIA, EPICENTER OF AUGUST 2011 EARTHQUAKE
Virginia Governor Bob McDonnell asked FEMA on Friday, October 28, to reconsider its denial of disaster aid for Louisa County homeowners who incurred property damage from the August 23 earthquake, according to a Saturday, October 29, article in the Richmond Times-Dispatch. Hundreds of homes were damaged, and the cumulative repair costs are estimated at $22 million, the article states. Mineral, Virginia, is the Louisa County community where the magnitude 5.8 quake was centered.
NORTH CAROLINA ASKS FEMA TO SEND FLOOD INSURANCE ADJUSTERS BACK TO IRENE-DAMAGED PARTS OF THE STATE
The Associated Press filed this piece on Commissioner Wayne Goodwin’s request. The story appeared in the Tuesday, November 1, edition of The Raleigh News & Observer.
WISCONSIN REDUCES THE MINIMUM LIABILITY COVERAGES AN AUTO INSURANCE POLICYHOLDER NEEDS TO CARRY
The I.I.I.’s Barry gave an audio interview today to WJFW-TV, a station that covers Wausau, Wisconsin, on the pros and cons of reducing minimum liability coverages. The segment is scheduled to air on Wednesday evening, November 2. The Wisconsin Insurance Department created a frequently asked questions section on what the new law means for drivers.
NEVADA INSURERS CANNOT USE A POLICYHOLDER’S CREDIT INFORMATION FOR UNDERWRITING OR RATING PURPOSES IN CERTAIN INSTANCES
This Las Vegas Business News item originated with the Nevada Division of Insurance and explains the new law. The measure applies only to personal auto, home and umbrella policyholders who have suffered an ‘extraordinary event’ in their lives, such as a serious illness or divorce.
SOCIAL MEDIA REPORT
–The I.I.I.’s Halloween-themed press release about coverage for potential “tricks” received significant interest on Twitter as people always love sharing seasonal content.
–A more popular insurance topic in social media this week was the snowstorm that hit the Eastern seaboard last weekend. Insurance blogs are talking about coverage issues. Fallen trees was a hot topic and there were also some consumer blogs worrying about homeowners insurance premium rates rising soon because of all the severe weather events this year. There has been constant conversation over the past few months in social media about the prospect of higher premiums in the wake of 2011’s natural catastrophes.
–The I.I.I.’s Bob Hartwig was quoted in this Friday, October 28, ABC News online story on how ‘Obama Has Declared Record-Breaking 89 Disasters So Far in 2011’, and the article has been getting pick-up in political-themed blogs and Twitter feeds.
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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