Most Expensive Insurance Claims

Most Expensive Insurance Claims

Most Expensive Insurance Claims

Insuring your life and property is a great step towards securing the future for yourself and the whole family. It is quite impressive that many people are realizing this fact and doing the necessary.  Majority of the world’s governments have also made it compulsory for their citizens to take health, motor vehicle and house covers so as to shield them from the aftereffects of such losses to the economy.

Some files however are not going down the drains of history anytime soon, either due to their sheer grandeur or because they border on the weird.  Here are the four most popular and most expensive insurance claims:

1. 2008 Crisis - $ 215 Trillion 

The global financial crisis- only comparable to 1920’s depression- directly and indirectly contributed to this much payout overall. Well, very few people had insured their jobs. The bigger chunk was due to accidents which unusually increased in this year, and whose main victims were the retrenched masses.

2. 9/11 terror attack - $ 40 Billion

At least 2000 people perished immediately in this incident and many more afterwards, while thousands of others remain with varying degrees of injuries. These life insurance claims together with compensation to businesses which lost property amounted to more than $40 billion.

3. 2010 payout to airlines  - $ 3.4 Billion 

Air routes through Ice Land provide access to major world towns. It was therefore calamitous in 2010 when a volcano exploded, spewing ash and making visibility impossible. Although no accidents happened, airlines had to ground flights for weeks and this amounted to huge financial losses.

4. The Big Blackout - $ 3 Billion

Have you ever imagined living without electricity for a month? Canadians had a week’s taste of this in what is popularly known as the North East Blackout. Cell phones went silent and businesses stalled. At the end, insurance companies forked out $3 Billion.

5. Indian Ocean earthquake and tsunami - $ 2 Billion 

6. Car Accident in London - $ 33 Million


7. Slip and Fall - $ 7.75 Million


8. Mr. Bean’s car - $ 1.5 Million 


9. Prototype Testing - $ 800,000


10. Most Expensive Pet - $ 22,000 

Some of these incidents are saddening; others are way beyond imagination. In all however, the companies came in to give a helping hand. Therefore next time you see an insurance deduction in your paycheck, remember that it is for a noble course.