A 100-kilometer cross-country race in the Yellow River Stone Forest in Gansu was a sudden accident in which 172 people participated, but 21 died and 8 were injured, a casualty rate as high as 16.9%.
It never occurred to me that a marathon would result in so many casualties. It was one of the appalling races in the world of marathons.
At present, the Yellow River Property and Casualty Insurance Company's 1000 has arrived. This is the group accident insurance payout, the general group accident insurance coverage limit is relatively low, this time the coverage is 500,000, in addition to accidental medical 30,000, sudden illness is 100,000.
The athlete who was killed could have stacked the benefits with the group accident insurance if he had personal accident insurance. However, you need to pay attention to the exclusion clauses of the accident insurance, and the screenshot below does not mention that the marathon is not compensable.
In addition, we can see that drinking alcohol causes accidents, accident insurance is not covered, this is also need to pay attention to.
In the past marathons, sudden deaths often occurred, but unfortunately, accident insurance does not pay, and group accident insurance does not pay.
Because the definition of "accident" in the accident insurance is: external, sudden, unintentional and non-disease objective events as a direct and separate cause of bodily injury.
Sudden death is a disease and does not meet this definition.
However, if an accident insurance policy specifically includes a "sudden death" benefit, it can be covered.
The natural disaster assistance insurance paid out 2.3 million dollars, underwritten by PICC, National Life Insurance, Ping An Insurance and Yellow River Insurance.
Let's look at how insurance has paid out in the last few natural and man-made disasters.
6.4-magnitude earthquake in Yunnan
Just a few days ago, a 6.4-magnitude earthquake occurred in Yangbi County, Dali Prefecture, Yunnan Province, which directly led to 3 deaths, 28 injuries, 8 minor injuries, in addition to many roads and bridges suffered damage.
According to publicly available information, insurance paid out 40 million yuan, another three people killed received 100,000 yuan each, and 26 insurance companies launched emergency relief.
Suez Canal, the century "big blockade"
This year in the Suez Canal, the century "big gambling ship", but also pay the insurance company cried.
On March 23, a heavy cargo ship entering the Suez Canal was blocked by high winds and sandstorms, causing global trade to lose an average of $400 million an hour.
Of course, the direct damage caused by the ship itself was also significant - $100 million in hull damage, $100 million in canal operating losses, and $300 million in salvage costs, for a total of $520 million, which presumably would have been fully covered by insurers, according to industry sources.
South Korea sk Hynix Wuxi factory fire
South Korea sk Hynix is the world's second-largest DRAM chip maker, of which the Wuxi factory's output accounted for 1/2 of Hynix's total output in 2013.
On September 4, 2013, a fire broke out at Hynix's Wuxi factory, involving an area of 2,500 square meters, a large amount of equipment was destroyed, and it was determined that the fire caused approximately $1 billion in property damage.
In the end, $860 million of this amount was compensated by the insurance company, and the remaining $100 million was borne by Hynix and Chengdao.
The damage to the insurance industry from the Wuxi factory fire was even worse than the Wenchuan earthquake, where the insurance payout in 2008 was $2 billion.
The insurers that underwrote Hercules were Hyundai Property and Casualty, People's Property and Casualty, Pacific Property and Casualty, Dadi Property and Casualty, and Le Aikin Property and Casualty, in addition to the reinsurance arrangements made by the five insurers.
The premiums that Hynix spent on insurance in the first place were also astronomical, at 3.4 million dollars. But it was nothing compared to the losses that the insurers paid out later.
Tianjin Tanggu Explosion
At 11pm on August 12, 2015, a shocking explosion occurred in Tianjin Tanggu.
A*** 165 people were killed, 8 people are missing, 798 people were injured, 304 buildings, 12,428 commercial vehicles, 7533 containers were damaged. According to statistics, the direct economic loss caused by the accident is tens of billions of dollars. Some organizations have called it the costliest disaster in China in recent years.
According to insurance industry insiders, insurance companies handled more than 6,000 cases in this accident and paid out more than 10 billion dollars.
The reason why there is a large number of reinsurers up there is because reinsurers are pocketing the risk of insurance companies.
9/11
On September 11, 2001, terrorists hijacked planes and attacked the Pentagon and the World Trade Center in the United States, killing thousands of people, shocking the world, and hitting insurers hard, with payouts at one point exceeding $43 billion.
Among the insurers that suffered the heaviest losses were Munich Re, Swiss Re, and Lloyd's of London, each paying out $2 billion.
It is said that AXA canceled coverage for the 2002 World Cup in Japan and South Korea directly after the incident, and that aviation insurance premiums increased by 459%.
The role of insurance is in fact very large, not only can we transfer risk for the individual, but also reduce the loss of business, government, and maintain the stability of the whole society.
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