Spdrun, 29 and 87 crashes were sudden even if not apocalyptic.
A natural disaster if big enough could knock out insurance companies, which themselves would have to dump assets to make payments, and have bonds which could lose most or all of their value, causing a financial meltdown.
In 2015 the Chinese market fell about 40% from July to October. The US market never had the crazy run up that China did beforehand however.
I am not predicting any of this, and my put gains would far from offset my equity losses. But in the bull market now some insurance is nice and seems pretty cheap.
