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Wednesday, November 11, 2015

The biggest insurance payouts ever

This interactive StoryMap highlights some of the world’s largest disasters, some natural, some man-made, that resulted in some of the biggest insurance payouts around the world. For example, the United States hurricane season in 2005 was so catastrophic, that it resulted in damages estimated to be valued at $130 billion US dollars. In terms of human life, the hurricane season, which included hurricane Katrina, Rita and Wilma, killed almost 4,000 people in one of the worst natural disasters to hit the United States in the past decade.

In 2008, a major earthquake shook the Sichuan Province in China. It caused an estimated $20 billion US dollars of damage, the majority of which was not covered by insurance. Worse still, it killed 68,000 people and left five million people homeless. This happened in the same year as the beginning of the global financial crisis, one that had not been seen since the ‘Great Depression’ of the 1930s. With stock markets crashing, banks needing government bailouts and businesses going under on a daily basis, the overall insured losses were estimated to exceed 100 billion dollars. For more insights, have a look at the StoryMap created by Easy Life Cover.