The 10 Worst Insurance Companies in the U.S.
Is your insurance provider on the list of the worst insurance companies?
Have you ever wondered what the worst insurance companies in the U.S. are? Sure you have. I bet you've also hoped your company wasn't on the list. Check out this list compiled by the American Association of Justice to see if your provider made the list.
10 worst insurance companies
If you've wondered which insurance companies are the worst, you're not alone. The American Association of Justice also wondered and went one step further. They performed a study and they found some startling results.
In addition to recognizing the "deny, delay, defend" tactic being used by these insurance companies, they also uncovered shameful treatment of policyholders. The companies that used these tactics and treated their policyholders terribly made the list.
#1 -- Allstate
#2 -- Unum
#3 -- AIG
#4 -- State Farm
#5 -- Conseco
#6 -- WellPoint
#7 -- Farmers
#8 -- UnitedHealth
#9 -- Torchmark
#10 -- Liberty Mutual
Several of these insurance companies hired consulting firm giant McKinsey Consultants who advised the insurance agents to persuade policyholders to take "low-ball" claims or face the company's lawyers in court. During the study, one Allstate employee confided that they were instructed to blame fires on arson. If they did so, they received portable refrigerators as a reward.
Allstate and State Farm are two of the worst companies that use the "deny, delay, and defend" tactic. State Farm went into high gear with this tactic after Hurricane Katrina employing engineers to back up their denial of claims to policyholders.
WellPoint was found to regularly put profits ahead of policyholders and routinely cancel policies of pregnant women and chronically ill patients. Farmers is rank at the bottom of homeowner satisfaction surveys. This Swiss-owned company had an incentive program call "Quest for Gold" and offered pizza parties to adjusters who met low claims payments goals.
These are just a few of the many examples of bad treatment of policyholders by these companies. If your insurance company is on this list of 10 worst insurance companies, perhaps you should start shopping around before you actually need to file a claim.