The American Association for Justice (AAJ) conducted an extensive investigation to determine the worst insurance companies in America. These include homeowners and auto insurers, health insurers, life insurers, and disability insurers.
According to AAJ, Allstate is placed at the top of the worst insurance provider list; this is largely due to the fact that their primary mission is to “earn a return for the shareholders.” As a senior executive at the National Association of Insurance Commissioners (NAIC) said, “The bottom line is that insurance companies make money when they don’t pay claims.” Allstate even goes so far as to distribute corporate training manuals explaining how to avoid payments, and portable refrigerators are awarded to the adjusters who deny the most claims. Former employees have called Allstate’s approach to claims the “three D’s”: deny, delay, and defend.
The top 10 list produced by AAJ, includes the following insurance companies:
Profits Assets
Allstate $4.6 billion $156.4 billion
Unum $679 million $52.4 billion
AIG $6.2 billion $1.06 trillion
State Farm $5.5 billion $181.4 billion
Conseco $179.9 million $33.5 billion
WellPoint $3.2 billion $51.6 billion
Farmers $5.6 billion $387.7 billion
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UnitedHealth $4.7 billion $53.5 billion
Torchmark $527.5 million $15.2 billion
Liberty Mutual $1.5 billion $94.7 billion
It seems that the insurance industry has lost sight of the policyholders, and as Allstate’s CEO said, they have “begun to think and act more like a consumer products company.” However, pro-consumer insurance reforms are being pushed, among these are: requiring insurers to work in good faith with consumers, requiring prior approval of rate increases, and establishing an insurance consumer advocate.
Do not assume that because you are purchasing insurance you will always be protected, and keep these names in mind the next time you purchase insurance. For more information on AAJ’s findings, and more specific information regarding individual companies, read the full report at http://www.justice.org/docs/TenWorstInsuranceCompanies.pdf
