Insurance is the name of the game to protect us from the uncertainty that life keeps throwing at us. With the ever-growing need to protect our assets from unpleasant outcomes, the insurance industry is no longer restricted to businesses, health and car insurance. There is an ever-increasing demand for the sector to keep coming up with new products like pet insurance, construction insurance, general liability insurance etc. to name a few.
This article takes you through those few nasty cases where the insurance companies lost a fortune due to the king-size claims.
1: The 9/11 Business Insurance Claim – $40 B
9/11 terror attacks on New York’s Twin Towers were not only remembered for the loss of lives but it also made headlines for the mammoth Insurance bill. More than 3000 people died in the attacks and around $40 billion had to be paid out by the insurance companies. No wonder, Terrorism insurance became a hot topic after this event.
Insurers paid claims for business interruption loss, damage to property and vehicles, life insurance, liability insurance, aviation liability and workers compensation. Mr. Silverstein, the developer of ground zero had already won $4.6 billion in insurance payments and was planning to sue the airlines and airport security companies for the 9/11 attack for $12.3 Billion.