3. 9/11 Terrorist Attacks (2001) – $40 Billion in Insured Losses
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The horrific terrorist attacks of September 11, 2001, resulted in immense loss of life and significant property damage. The attacks caused an estimated $40 billion in insured losses.
2. Hurricane Katrina (2005) – $45 Billion in Insured Losses
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Hurricane Katrina, another monster of the 2005 season, remains one of the costliest hurricanes in U.S. history. The storm caused catastrophic flooding in New Orleans and surrounding areas, leading to over $45 billion in insured losses.
1. Lehman Brothers Collapse (2008) – $100 Billion in Insured Losses
The single largest insured event on this list is the collapse of Lehman Brothers investment bank in 2008, a pivotal moment in the global financial crisis. This event, fueled by the subprime mortgage crisis, resulted in an estimated $100 billion in insured losses.
The increasing frequency and intensity of natural disasters, coupled with potential future financial crises, highlight the importance of robust insurance coverage. By understanding the risks, individuals and businesses can make informed decisions to protect themselves from financial devastation.