The Ten Worst Insurance Companies in America and the Wealth of the Insurance Industry
1. Allstate: The poster child for insurance industry greed; the number of complaints filed against Allstate are greater than those of almost all its major competitors combined.
2. Unum: One of the nation's leading disability insurers, with a long reputation for unfairly denying and delaying claims.
3. AIG: The world's biggest insurer, but with a long history of claims-handling abuses.
4. State Farm: The nation's biggest property casualty insurance company, with a reputation for its deny and delay tactics.
5. Conseco: Sells long term care policies with a reputation of delaying claims until the insured has died.
6. WellPoint: Reportedly routinely cancels the policies of pregnant women and chronically ill patients.
7. Farmers: Rewarded adjusters who met low claim payment goals.
8. United Health: Plagued by accusations of greed so rampant that it puts patients at risk.
9. Torchmark: Has been criticized for a variety of transgressions, including charging minority policyholders more than whites.
10. Liberty Mutual: Adopted a policy of deny, delay, and defend; cited by regulators for systematic bid rigging.
The insurance industry in the United States received over $1 trillion dollars annually in premiums.
The insurance industry in the United States has over $3.8 trillion dollars in assets, which is greater than the Gross Domestic Products of all countries in the world except the U.S. and Japan.
For a recent 10 year period, the property/casualty insurance industry has enjoyed average profits of over $30 billion per year.
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Source: American Association for Justice: The Ten Worst Insurance Companies in America: How They Raise Premiums, Deny Claims, and Refuse Insurance to Those Who Need it Most, American Association for Justice, www.justice.org/docs/tenworstinsurancecompanies.pdf.