Most Expensive Insurance Claims

Pricey Insurance Claims Around the World

When determining your premiums, your insurance companies will decide just how much of a risk you are, and the higher your risk, the more you will end up paying for your policy. However, there have been some extremely expensive insurance claims that no insurance company could be prepared for. These insurance fun facts about the most expensive insurance claims can help put your risk level at a more acceptable rating.

  • September 11th – while there is no way to put a price on the real loss of September 11, 2001, insurance companies did have to payout more than $40 billion for claims including property damage, business interruption, life insurance, and many other claims related to disaster.
  • Japanese Tsunami – the earthquake and tsunami that hit Japan in 2011 caused enough damage to bring the total cost to just under $40 billion. However, some experts suggest that the real amount of damage was much closer to $100 billion, just not for the insurance world.
  • China’s SARS Outbreak – the SARS epidemic began in the Guangdong province of China, but soon spread to 37 other countries in just weeks. Insurance payouts for people who passed away from the disease, travel cancellation, and business interruption insurance claims reached around $1 billion.
  • Northeast Blackout – a blackout in 2003 affected 10 million people in Canada and 45 million United States residents across eight states. The blackout brought on a $6 billion insurance payout due to looting, business interruption, grounded flights, and other issues.
  • Indian Ocean Earthquake and Tsunami – the earthquake and tsunami that hit the Indian Ocean on December 26th in 2004 affected many countries, which lead to insurance claims exceeding $1 billion.

For all of your insurance needs and to ensure that you have the right amount of protection in case of any disaster, contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota.