Top 10 Most Expensive Insurance Claims in The World

From floods, to flu pandemics to terrorist attacks, there are some disasters which are damn expensive. They hit the insurance companies so hard, especially in the last decade. The sad part is when assets are low and infrastructure systems are down. It becomes even tougher when a large number of people are affected or even die during the disaster because when it happens, the insurance companies are burdened with claims.

Here is our top 10 most expensive insurance claims in the World

10. 9/11 Terrorist Attack $23.1 Billion

9/11 Terror Attack

19 militants who were connected to the Al-Qaeda, the Islamic extremist organization, who hijacked 4 airliners on  September 11, 2001, and made attacks which were suicidal against objectives within the United States. Two planes flew into the World Trade Center tower in New York City, the third hit the Pentagon outside Washington, DC, whilst the fourth crashed in an object in Pennsylvania. So many people died during these attacks, over 3,000.

9. SARS Virus $1 Billion

Severe acute respiratory syndrome (SARS) is caused by the SARS corona virus. It is a viral breathing ailment which had a zoonotic origin.  Between 2002 December and 2003 July, the epidermic hit southern China, triggering an eventual 8,096 instances and 774 deaths in 37 different nations. Most of the fatalities happened in Hong Kong. Before 2004, no cases of SARS were reported globally. The insurance cost was approximated at $1 billion.

8. US/Canada Power Outage

 It is normally referred to as the 2003 Northeast blackout.  It was an enormous power outage which befell parts of Midwestern and northeastern united states of America and the Canadian province of Ontario. It occurred on Thursday, August 14, 2003 after 4.10pm. Some of it was restored by 11pm while other parts had to wait for some more days before power was restored. It became the largest blackout in history, which surpassed the 1999 southern Brazil blackout. It affected 45 million people in the USA  and 10 million people in Ontario.

7. Indian Ocean Earthquake and Tsunami

The Indian Ocean Tsunami (2004)

The undersea earthquake in the Indian Ocean during the Boxing day of, 2004, led to one of the worst Tsunami in history. It killed 227,898 people out of which, 170,000 were Indonesians. The impact of the tsunami on the economy was very devastating to the affected families suffering losses in fishing and tourism industries. The insurance loss was estimated at around $1.3 billion, health and life at $250 million and travel losses at $50 million.

6. The Hurricanes of Wilma, Rita and Katrina

These storms happened in 2005, causing devastating damages. They covered all over the Atlantic ocean. An unknown  subtropical storm became later brought into submit season evaluation. A total of 28 storms happened within that year – the year the earth went wild. Before then, it was during 1933, when a record of 21 storms had been recorded. The cost of insurance was immeasurable.

5. 2010 Payout To Airlines

In 2010, the air routes to the Iceland which gets to essential world cities became calamitous when there was an explosion of a volcano which spew ashes allover, making visibility impossible. Though no injuries were recorded, airlines were grounded for weeks, amounting to over $3.4 billion payoffs for the losses.

4. Mr. Bean’s Car

The British comedy mega star Rowan Atkinson escaped death by crashing his McLaren F1 and lived to tell the tale. He got a super car after the McLaren was fixed at  approximately $1.4 billion, making it one of the most important vehicle coverage payout in the British insurance records.

3. 2008 Crisis

The global financial disaster of 2008 which is at times referred to as the economic crisis of 2007-2008 is taken into consideration by economists to have been one of the worst financial disaster since the 1930s Outstanding depression. It cost the insurance world a whooping $215 trillion.

2. The China Earthquake

It struck In 2008 in China, in a province called Sichaun, making it one of the most deadliest to hit the country since 1976. It turned out to be the costliest natural disaster to have happened in China’s history. 68,000 people were killed and 4.8 million people were left homeless. A damage of about $20 billion was caused though most of it was not covered by the insurance. A significant amount of agriculture and millions of livestock was destroyed.

1. Floods in Europe and Pakistan

Floods in Europe and Pakistan

In 2010, floods happened in Pakistan, which begun in July. They were the worst floods to be experienced in decades and it is estimated that, 2,000 people died while millions of others were left jobless and homeless. In central Europe during summer time, over 37 deaths were caused while thousands were evacuated. Poland was the worst hit area.

Mostly, it is natural disasters which hit insurances hard. Share this article with friends to enlighten them on some of the most expensive insurance claims in the world.