April 14, 1912 "Titanic", nicknamed the "unsinkable", crashed in the Atlantic Ocean. With the cost of ship construction of the $ 7.5 million, "Titanic" was insured in 70 insurance companies by $ 5 million.
Allianz was one of the few non-UK insurers of the vessel. The total amount of insurance payments was about $ 12 million in a result of the disaster, that at prices of 2010 comparable to no less than $ 278 million adjusted for inflation.
Exactly 100 years ago, April 10, 1912 "Titanic", a British steamship of company "White Star Line," went into its maiden voyage from the port of Southampton, England, to New York City with the sounds of fanfare.
During the departure its huge propellers nearly dragged the smaller ship "New York" in the flow of water left by "Titanic" when it was leaving the harbor. Perhaps this incident, which occurred even before leaving the waters of Britain, became a harbinger of future tragedies.
April 14, 1912, "Titanic" came upon a huge iceberg on the fourth day of swimming. The result of the collision was the 90-meter hole in the hull, damaging six watertight compartments.
After this the death of the ship was irreversible. None of the ships stationed nearby, received a distress call, did not have time to go to the "Titanic" until his final dive under the water. Only 711 people were rescued from a sinking ship, in total were 2224 passengers and crew members on board.
Insurance history of "Titanic" is remembered, above all, by a record in the world history for the duration of trials, many of which have not been completed to this day. The main "victims" of a collision with an iceberg insurers are Lloyd and German Allianz.
In addition to the hull of the ship, insurance contracts were covered with an incredible amount of other assets on board and the insured in different companies. It was gold worth 8 million pounds sterling, diamonds - 5 million (in 1912 prices), personal jewelry of passengers (millionaires and their families), a unique cultural and historical sites: a priceless manuscript of "Rubayat" Omar Khayyam, a well-preserved mummy of an Egyptian soothsayer during the reign of Pharaoh Amenhotep I, and many other values.
Divisiveness of such payments has served as the basis for long-term litigation. If to talk about payments for the life of the dead passengers (their number was 1554 people with only 703 survivors) then the companies fulfilled their obligations.