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Who are the 10 Worst Insurance Companies ? Why did they make the list?

Posted by: euser
July 17, 2008
Topic: The Worst Insurance Company in America

 

 The name of the game in the insurance world is deny, delay, defend- --do anything to avoid paying claims. For companies like Allstate, there are corporate training manuals explaining how to avoid payments, portable fridges awarded to adjusters who deny the most claims, and pizza for parties to shred documents. The insurance infdustry is exempt from anti-trust laws. While the industry is regulated on a state level ( where not pre-empted by federal law) laws and regulations promoted by pro-business/anti-consumer governors (such as Mark Sanford of SC) give the industry unfettered ability "to rape and pillage" the consuming public.

The Ten Worst

Insurance Companies

1. Allstate

2. Unum

3. AIG

4. State Farm

5. Conseco

6. WellPoint

7. Farmers

8. UnitedHealth

9. Torchmark

10. Liberty Mutual

 

  • The U.S. insurance industry takes in over $1 trillion in premiums annually. It has $3.8 trillion in assets, more than the GDPs of all but two countries in the world (United States and Japan).

  • Over the last 10 years, the property/casualty insurance industry has enjoyed average profits of over $30 billion a year. The life and health side of the insurance industry has averaged another $30 billion. The CEOs of the top 10 property/casualty firms earned an average $8.9 million in 2007. The CEOs of the top 10 life and health insurance companies earned even more-an average $9.1 million. And for the entire industry, the median insurance CEO's cash compensation still leads all industries at $1.6 million per year.

Insurance companies have discovered that they can make more money by simply paying out less. As a senior executive at the National Association of Insurance Commissioners (NAIC), the group representing those who are supposed to oversee the industry, said, "The bottom line is that insurance companies make money when they don't pay claims."

One example is Ethel Adams, a 60-year-old woman left in a coma and seriously injured after a multi-vehicle crash in Washington State. Her insurance company, Farmers, decided the other driver had acted intentionally and denied her claim, contending that an intentional act is not an accident. Another example is Debra Potter, who for years sold Unum's disability policies until she herself became disabled and had to stop working. All along, Potter thought she was helping people protect their future, but when her own time of need came, she was told her multiple sclerosis was "self reported" and her claim denied-by Unum, the very company whose policies she had sold.

         

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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