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Transcript of Presentation to the Geneva Association’s 8 th Chief Communications Officer’s Meeting Jeanne M....
Presentation to the Geneva Association’s8th Chief Communications Officer’s Meeting
Jeanne M. Salvatore, Senior Vice President, Public Affairs &Insurance Information Institute 110 William Street New York, NY 10038
212.346.5555 [email protected] www.iii.org
Madrid, SpainOctober 5, 2010
Presentation Outline
Policymaker Education
I.I.I. Insurance Pulse Findings
I.I.I. Media Index
3
Policymakers website: InsuranceMatters
User Highlights
Tailored Focused Current Clear and Concise Factual Searchable Exportable Multimedia Content Accessible
Content is arranged so that material most important to policymakers is just one or
two clicks away
4
Insurance Handbook
The new I.I.I. Insurance Handbook launched in
2010 provides vital information for a wide variety of audiences:
•Public Policymakers
•Reporters
•Regulators
•Students
•Insurance Company Employees
•Academics
5
Consumer Perceptions of Insurers
Insurance Pulse Highlights
Favorability of auto and home insurers rebounded.
Auto insurers were highest rated of all industries surveyed.
Favorability of banking recovered.
Ratings of financial services ranked lowest.
Healthcare debate did not change public’s opinion of auto and home insurers [no apparent spillover]
Source: Insurance Information Institute.
Pulse Is an Annual Telephone Survey the I.I.I. Has CommissionedSince 1968.
2010 Survey of 1,006 Adults Conducted May 13-16, 2010
6
Consumer Poll: I.I.I. Pulse Survey
38% 37%
26%22%
53%
58%54%
50%
41%
55%
37%34%
28%30%
52% 54%56%
52%
47% 46%
0%
10%
20%
30%
40%
50%
60%
Auto/Homeinsurance
Autoinsurance
Homeinsurance
Lifeinsurance
Healthinsurance
Banking Drugcompanies
Mutualfunds
Financialservices
companies
Oil and gascompanies
2009 2010
Percent of Public Rating Industry as Very or Mostly Favorable, 2009-2010
Favorability of Auto and Home Insurers Held Steady between May 2009 and May 2010.
Source: Insurance Information Institute Annual Pulse Survey.
Auto insurers ranking highest of industries surveyed
Financial services ranked lowest of industries surveyed
Consumer Poll: I.I.I. Pulse Survey
Source: Insurance Information Institute Annual Pulse Survey.7
Percent of Public Rating Industry as Very or Mostly Favorable,1968-2010
0%
10%
20%
30%
40%
50%
60%
70%
1968 1972 1978 1981 1983 1985 1986 1988 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Auto and home insurance
Industry Standing With the Public Is Not Static
But Changes Over Time
10
Consumer Poll: I.I.I. Pulse Survey
Q. Has the debate over health insurance reform changed your opinion about auto and home insurance companies?
Source: Insurance Information Institute Annual Pulse Survey.
A Majority of Americans Have Not Changed Their Opinions of the Auto and Home Insurance Industry as a Result of the Debate Over Health Insurance
Reform
2%
85%
13%
Don’t know
No
Yes
11
Consumer Poll: I.I.I. Pulse Survey
Q. Is your opinion of auto and home insurance companies now…
Source: Insurance Information Institute Annual Pulse Survey.
Of the 13% of Respondents Who Said the Debate Had Changed Their Opinion About the Auto and Home Insurance Industry, Three-Quarters Said
They Were Now Less Favorable
10%
74%
16%
Don’t know
Less favorable
More favorable
12
Consumer Poll: I.I.I. Pulse Survey
39%
33%30% 29%
33%
16%
32% 32% 32%35%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Total U.S. Louisianaand
Mississippi
Louisiana
Mississippi
Louisianaand
Mississippi
Louisiana
Mississippi
Louisianaand
Mississippi
Louisiana
Mississippi
Source: Insurance Information Institute Annual Pulse Survey.
All respondents Filed a Katrina claim Did not file a Katrina claim
32 % of People in Louisiana and Mississippi Think Their Homeowners Policy Covers Damage from Hurricane-Related Flooding—Double the National Average.
13
Consumer Poll: I.I.I. Pulse Survey
Q. Should people who live in the states with the highest unemployment rates be charged lower premiums for auto and home insurance?
Source: Insurance Information Institute Annual Pulse Survey.
About 40% of Americans Think That People Who Live in States Most Affected by the Recession Should Pay Less for Auto and Home Insurance
2%
41%
57%
Don’t know
Yes
No
Suggests many People believe that risk should be secondary to ability to pay. This suggests
implicit support for economic
subsidies, though it’s unclear if people would support them
explicitly
14
Consumer Poll: I.I.I. Pulse Survey
91%
52%
22%
7%
0%10%20%30%40%50%60%70%80%90%
100%
People who have poor drivinghistories such as many speeding
tickets and/or accidents
People who live in places that areprone to disasters such as
hurricanes or earthquakes
People who have pre-existingmedical conditions
None of these
Respondents answering "yes"
Q. Should insurance companies be allowed to charge higher insurance premiums for…
Source: Insurance Information Institute Annual Pulse Survey.
Many People Believe the Cost of Insurance Should Reflect the Risks
Over Which an Individual Has Some Control
15
Consumer Poll: I.I.I. Pulse Survey
Q. What do you think the effect of MORE lawsuits being filed has on the cost of insurance for autos, homes and businesses? Do you think they…
Source: Insurance Information Institute Annual Pulse Survey.
Eight Out of 10 Americans Realize That Lawsuits Negatively Affect Insurance Prices
1%9%
84%
5%
Don’t know
Result in higher insurance costs
Result in lower insurance costs
Have no effect
16
I.I.I. Media Index, P/C, First Six Months 2009 vs First Six Months 2010Percent increase/decrease from previous year
43%
17% 35
%
-16%
15%
49%
31%
18% 23%
55%
3%
-38% -2
7% -15%
20%
15%
10%31
%
-100%
-50%
0%
50%
100%
150%
17
I.I.I. Media Index, L/H, First Six Months 2009 vs First Six Months 2010
0
5,000
10,000
15,000
20,000
25,0002009
2010
www.iii.org
Insurance Information Institute Online: