11: Natural Calamity Insurance Bill – Indian Ocean Tsunami – $1 B
The boxing day of 2004 witnessed one of the worst undersea earthquake in the Indian Ocean that resulted in one of the worst tsunamis in history killing 227, 898 people. Indonesia was the worst affected area, accounting for around 170,000 deaths.
The economic losses also mounted to a drastic level and led to huge losses in tourism and fishing industries, estimated to be around $1.3 billion. The losses included life and health insurances claims estimated to be around $250 million and travel losses at $50 million.