7: Biggest Business Insurance Claims – 2008 Recession – $21 T
The year 2008 saw a huge meltdown of the global financial market. The collapse of big thwarts like Lehman Brothers, Merill Lynch and the biggest insurance company AIG Insurance led to the worst financial crisis in history. Stock markets crashed, businesses around the world went bust overnight and governments were forced to bail out the big whales.
However, the real estate industry suffered enormously and unemployment hit an all-time high. All this led to thousands of business insurance being triggered and to cut the long story short, insurance claims payout hit a staggering $21 trillion. As a result, the business insurance carriers that included small business insurance providers, general liability insurance, and commercial business insurance companies had to go bankrupt because of not having that huge money to pay out for insurance claims.