What’s new: In brief (October 25, 2004)

Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers to access the reports as needed, with faster turnaround times, from virtually any police department in Canada, the U.S. and even globally.

Swiss Re has released the last in a series of technical publications on aviation insurance which indicates that the global fleet of 21,400 airliners represent about US$570 billion in hull insured value. Aviation insurers grant policy limits of about US$750 million per departure, with about 31 million departures annually, the study adds. And with no flights taking off without insurance, “true value of aviation insurance” far exceeds the actual cost to airlines, Swiss Re says.

The General Insurance Association of Japan reports claims for the recent Typhoon Meari (typhoon #21) will reach US$210 million. Meari is being blamed for 21 deaths after striking southwest Japan on September 29-30 with 100 mph winds and heavy rains. Japan also suffered a major earthquake this past weekend, which is being blamed for at least 25 deaths and thousands of injuries. The earthquake and its intense aftershocks hit northern Japan on Saturday, and Japanese media is reporting the destruction of nearly 3,000 homes.