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Top 10 Worst Insurance Companies in the U.S.

Top 10 Worst Insurance Companies in the U.S.

As a representative of auto accident victims, I deal with insurance companies almost every day. Dealing with insurance companies can be extremely frustrating at times. Most insurance companies put profit ahead of people – and that’s the bottom line.

The American Association of Justice (AAJ) recently released a report titled The Ten Worst Insurance Companies in America – How They Raise Premiums, Deny Claims and Refuse Insurance to Those Who Need It Most. The report looked at thousands of court documents, news reports, and records from the Federal Bureau of Investigation (FBI), Securities and Exchange Commission (SEC), and state insurance departments.

The AAJ report concluded that insurance companies consistently put profits over policyholders. Many insurance company’s have advertising slogans that revolve around their willingness to help people, but in reality, this is not the case. In other words, according to the AAJ report, you are not in good hands with Allstate! Allstate tops the list of the Top 10 Worst Insurance Companies:

1. Allstate
2. Unum
3. AIG
4. State Farm
5. Conseco
6. WellPoint
7. Farmers
8. United Health
9. Torchmark
10. Liberty Mutual

This list is based on the worst insurance companies when it comes to denying claims, raising premiums, and refusing insurance to those who need it.

The report found the large insurance companies consistently deny and delay claims and do anything to defend against lawsuits. Insurance companies make more money when they pay out fewer claims. Like a bad neighbor, they don’t really care.

The AAJ report also pointed out that profits and salaries for insurance companies are soaring. The U.S. insurance industry as a whole receives premiums of over $1 trillion a year and has assets of $3.8 trillion. Trillion! CEOs of the top ten worst insurance companies listed above had an average annual salary of nearly $9 million in 2007. Perhaps politicians should be debating insurance reform instead of health care reform!

This report makes one thing very clear: You should be very careful when selecting a new insurance policy. Read all the fine print and make sure you know exactly what your policy will or will not cover.

When it comes to legal matters, insurance companies can be ruthless, and they often play by their own rules. If you’ve been in an auto accident, be careful when speaking to insurance company representatives. Reps from other companies will often try to trick you into admitting fault in the accident. Even reps from your own company may try to trick you! Remember, those friendly, smiling people from the insurance company are not working for you; they are working for profit. Contact an experienced attorney after an accident, and refer all questions to your attorney. If you’ve been injured in a car wreck, call Neff Injury Law at 404-531-9700 to schedule your free consultation.