/Unbelievable Facts about Insurance

Unbelievable Facts about Insurance


1.     What are the largest insurance company payouts in history?

In 2010, the eruption of an Icelandic volcano left 10 million people stranded for several weeks and resulted in approximately $3.4 billion in compensation. The tragedy of 9/11 and its associated loss of life and property resulted in $40 billion in payouts.

Outrageous payouts to individuals include $1.5 million to repair a sports car belonging to the British actor Rowan Atkinson; $7.75 million for a slip on the ice that resulted in serious complications for the victim; and $37 million to a teenage girl who was paralyzed in a head-on collision.

2.      What is the most expensive life insurance policy ever recorded?

An anonymous Silicon Valley billionaire recently purchased a life insurance policy worth $201 million dollars. Before that music mogul, David Geffen, held the most expensive policy, valued at $100 million.

3.      Which employer offers healthcare for parents of workers?

Many Americans get employer-sponsored healthcare — for the worker, or the worker and their spouse, or the worker, their spouse and their children. That’s a given. In China, though, Starbucks has taken employer-sponsored health insurance a step further, offering to cover the parents of workers.

It’s limited to workers who have been with the company for at least two years, and it provides critical-illness coverage for some 30 illnesses to parents who are younger than 75 and who live in China. It seems like a smart business move in a country where many workers feel much responsibility to care for their parents, and it can make Starbucks a more competitive employer there. It’s not unthinkable that new kinds of insurance will be available to everyone. We didn’t always have pet insurance, for example.