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, October 26, please email Mike Barry at michaelb@iii.org.
I.I.I. PRESIDENT’S LATEST PRESENTATION FOCUSES ON INSURERS AND THE DODD-FRANK ACT
The I.I.I.’s Bob Hartwig delivered in London last week an assessment on the state of Dodd-Frank implementation as it pertains to insurers. It goes into detail on the process by which a nonbank financial institution could be designated as a Systemically Important Financial Institution (SIFI). The rules/guidelines were issued by the Financial Stability Oversight Council (FSOC) on Tuesday, October 11. Hartwig’s slides also cover the 12 questions the Federal Insurance Office (FIO) included in its Monday, October 17, Federal Register item, in which FIO solicited public comment on the state of insurance regulation and the appropriate role of the federal government in the regulation of insurance.
FEDERAL INSURANCE OFFICE’S (FIO) DIRECTOR TO TESTIFY AT TUESDAY, OCTOBER 25, CONGRESSIONAL HEARING
The FIO’s Michael McRaith will be the first witness at next week’s gathering of the U.S. House of Representatives’ Insurance, Housing and Community Opportunity subcommittee.
STATEWIDE ELECTION FOR LOUISIANA INSURANCE COMMISSIONER TO BE HELD ON SATURDAY, OCTOBER 22
The New Orleans Times-Picayune endorsed incumbent Commissioner James Donelon, a Republican, for re-election over his opponent, Donald Hodge, a Democrat. The Baton Rouge Advocate published an article this week saying the winner will likely preside next year over a legislative debate about whether Louisiana should limit access to the state’s courts for auto accident victims.
I.I.I. RESPONDS FORCEFULLY TO INSURE.COM ARTICLE ON ‘INSURERS’ 10 DIRTY LITTLE SECRETS’
The I.I.I.’s Loretta Worters spoke with reporter Ed Leefeldt and Insure.com editor Amy Danise about the numerous misrepresentations made in a story posted to MSN Money.
LONG-TERM CARE (LTC) INSURANCE PROPOSAL IS DROPPED FROM THE FEDERAL GOVERNMENT’S HEALTHCARE REFORM PACKAGE
The U.S. Department of Health and Human Services’ (HHS) concerns about the costs of The Community Living Assistance Services and Supports (CLASS) Act were outlined in this report. The I.I.I. placed its LTC editorial content the website’s home page this week because of the widespread media coverage of the HHS announcement. In addition, the topic was raised during CNN’s Republican presidential debate on Tuesday, October 18, in Las Vegas, Nevada.
THE WSJ POSTS ONLINE A LIFE INSURANCE EXCERPT FROM THE WALL STREET JOURNAL’S COMPLETE ESTATE PLANNING GUIDEBOOK
Rachel Emma Silverman, the book’s author, had ‘Need to Know: Life Insurance 101’ appear in the WSJ’s online edition on Saturday, October 15.
CBS’S EARLY SHOW BROADCASTS FLOOD CLAIMS-HANDLING DISPUTE STORY WHICH ORIGINATED AT SAN FRANCISCO’S CBS AFFILIATE
United Policyholders and Consumer Watch were among the sources cited in this Monday, October 17, CBS-5 segment, which was pegged to the aftermath of a flooding event earlier this year in Capitola, California. The story deals primarily with private-sector flood insurance carriers, although the Federal Emergency Management Agency (FEMA) is mentioned. This segment is part of a three-part series on the topic.
SMART MONEY’S NOVEMBER 2011 PRINT EDITION SAYS AUTO INSURERS ARE RAISING RATES WHILE THEIR ADS FOCUS ON REDUCING THEM
Reporter Anna Prior writes that while auto insurers emphasize the great deals customers can get on insurance in their ad campaigns, auto insurance premiums rose an estimated 10 percent from 2008 to 2010, and they are expected to jump an additional 4 percent this year, although the Wednesday, October 19, I.I.I. Daily says the number for 2011 is closer to 3 percent, according to the latest federal data. The I.I.I.’s Steve Weisbart is quoted in the Smart Money story.
PHILADELPHIA’S CBS AFFILIATE IS READYING NOVEMBER 2011 ‘SWEEPS WEEK’ STORY ON INSURERS AND SOCIAL MEDIA MINING
Philadelphia’s CBS affiliate is prepping a piece on insurer use of ‘social media mining’ to detect fraudulent claims; if you are interested in participating in the story, and have a potential on-air source who resides in eastern Pennsylvania or southern New Jersey, drop the I.I.I.’s Mike Barry (michaelb@iii.org) a line. The story’s origins appear to date back to the I.I.I. Jeanne Salvatore’s NewProNet interview from a few weeks ago. The NewsProNet segment has been pick up by a variety of news outlets, including D.C.’s WUSA 9 earlier this month.
NEW YORK CITY’S ABC AFFILIATE PREPPING SEGMENT ON WHEN TO DROP COLLISION COVERAGE
The I.I.I.’s Salvatore provided the WABC-TV producer who is working on the story with information on the pros and cons of having collision coverage on an older car.
LIFE INSURERS UNDERWROTE A RECORD $15.7 BILLION IN NEW COMMERCIAL MORTGAGES IN SECOND QUARTER OF 2011
This dollar amount was nearly 26 percent more than the previous record, which was set in the fourth quarter of 2005, according to this New York Times article, which appeared in the paper’s Wednesday, October 19, print edition.
USA TODAY FINDS FEW HAVE EARTHQUAKE INSURANCE COVERAGE ON THE EVE OF THE 4TH ANNUAL ‘GREAT CALIFORNIA SHAKEOUT’
The Insurance Information Network of California (IINC) reports that fewer than 12 percent of homeowners, and less than 10 percent of businesses in the state, were covered by earthquake insurance in 2010, according to this Wednesday, October 19, USA Today story. The article originally appeared in The Desert Sun, a Palm Springs, California newspaper. On Thursday, October 20, the fourth annual Great California Shakeout will focus attention on the lack of earthquake insurance, with the event organizers expecting more than 8 million to participate in activities emphasizing the need to prepare for, and to practice responses to, major earthquakes.
LUBBOCK, TEXAS DUST STORM MAKES NATIONAL NEWS; COMPARABLE EVENT OCCURRED IN ARIZONA IN JULY 2011
The Wall Street Journal (subscription required) reported in its Wednesday, October 19, print edition that drought conditions and strong winds created a severe dust storm in Lubbock, Texas, on Monday, October 17, at around 5:30 p.m. A Phoenix, Arizona dust storm in early July of this year resulted in the filing of 650 insurance claims, State Farm told the WSJ.
ILLINOIS CONGRESSMAN HAS HAD HIS DRIVER’S LICENSE SUSPENDED TWICE AFTER FAILING TO PAY HIS AUTO INSURANCE PREMIUM ON TIME
Rep. Joseph Walsh’s (R-Illinois) personal finances were explored in-depth in this New York Times story, which appeared in the paper’s Wednesday, October 19, print edition.
FLORIDA’S HURRICANE CATASTROPHE FUND FACES A $3.2 BILLION SHORTFALL IF A MAJOR STORM, OR SERIES OF DISASTERS, HITS STATE
Jack Nicholson, the Cat Fund’s chief operating officer, gave state lawmakers this piece of news on Tuesday, October 18, according to the Associated Press.
FLORIDA’S OFFICE OF INSURANCE REGULATION (OIR) IS SEEKING A NEW DEPUTY COMMUNICATIONS DIRECTOR/PRESS SECRETARY
The OIR announced that qualified applicants for the Tallahassee-based opening can send their resume, along with a cover letter, to Director of Communications Jack McDermott at jack.mcdermott@floir.com. The person who held the post previously has accepted a new job at Florida’s Department of Financial Services.
MISSISSIPPI INSURANCE COMMISSIONER ELECTION IS SCHEDULED FOR TUESDAY, NOVEMBER 8
Incumbent Commissioner Mike Chaney, a Republican, is facing a challenge from Louis Fondren, a Democrat, and Barbara Dale Washer, the Reform Party’s nominee, according to this Mississippi Press article, which was posted online on Saturday, October 15.
ALABAMA’S AFFORDABLE HOMEOWNERS INSURANCE COMMISSION HEARS COMPLAINTS ABOUT POLICY NON-RENEWALS, HIGHER DEDUCTIBLES
The Huntsville Times covered the Commission’s Monday, October 17, public hearing in Decatur, Alabama.
SOCIAL MEDIA REPORT
The most popular I.I.I. tweet this week was about winter proofing your home. This Friday, October 14, I.I.I. news release has enjoyed lots of shares by consumers and insurance agents. The content of the release has also been posted to several home improvement blogs. The I.I.I. encourages its member companies and the trades to re-tweet our releases.
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.
