Yes, in Canada we have a judicially created limit on pain and suffering damages, because those are typically difficult to quantify, so the same principles apply to all personal injury cases. I think it’s currently around $400,000.
Punitive damages are hard to get and can be reduced on appeal if excessive. The civil tort system is meant to be compensatory, not punitive.
I am not 100% certain but I think most motor insurance in the UK give you unlimited liability cover.
In 2001 there was an incident where it was estimate the damage was £50m. The driver fell asleep at the wheel went down a railway embankment and onto the track. The crash waking him up, the driver got out the car and called the 999 (equivalent to 911 in the US) in the middle of the call a train hit his car and was derailed into the path of an oncoming train at a head on speed of 140mph.
I do not think the exact amount was made public but insurance companies take out their own re-insurance policies to cap the amount they have to pay of any one claim.