Ten Worst Insurance Companies in America
August 30, 2010
Choosing an insurance company should not solely be based on low or high premiums, but what an insurance company does when comes time to pay out on a claim. Because, insurance companies are not in the business to payout claims; but are in business to collect premiums and deny claims. But some insurance companies take that edict a bit more seriously than others.
The AAJ came to the following conclusions about the insurance industry as a whole:
- Companies consistently put profits over policyholders. The report concludes that many insurance companies may “talk the talk”, but don’t “walk the walk.” They may advertise that your “in good hands”, are “like a good neighbor” or “provide the strength to be there”, but fall short when it comes to actually serving their customers.
- Companies continually deny, delay and defend. Insurance companies make more money when they pay out fewer claims. Obvious? Yes. Ethical? No. The industry as a whole routinely denies, delays and defends claims – all in the name of the “bottom line.”
- Profits and salaries are skyrocketing. The property/casualty and life insurance industries average $30B in profits every year. In fact, the U.S. insurance industry as a whole receives premiums of over $1 trillion with a “T” every year and has assets of $3.8 trillion.
The Chief Executive Officers CEOs of the ten insurers in the report averaged an annual salary of nearly $9 million in 2007.
Who made the list?
These ten companies were named the worst insurers in America for denying claims, raising premiums, refusing insurance to those who need it most and many other reasons:
- State Farm
- United Health
- Liberty Mutual
To learn more about what each of the above insurers did to earn a place on the list, click on the names above.