The American Association of Justice (AAJ) has created a list of ten insurance companies that are bad for consumers. Allstate was deemed the worst insurance company with Unum, AIG, State Farm, and Conseco being criticized as well. These rankings show how greedy insurance companies are becoming when they refuse to pay claims, employ hardball strategies against their own clients, reward top executives with high salaries, and continuously raise premiums in order to get more money for the business. The insurance industry, however, argues they have paid out over $300 billion to policyholders.
The list, in order starting from the worst, is as follows: 1. Allstate; 2. Unum; 3. AIG; 4. State Farm; 5. Conseco; 6. Well Point; 7. Farmers; 8. United Health; 9. Torchmark; 10. Liberty Mutual. Please see the following website for more information regarding the rankings: http://www.justice.org/docs/TenWorstInsuranceCompanies.pdf
Allstate claims it is receiving the brunt of the criticism since it is leading the fight against insurance fraud and also resisting the unreasonable demands of lawyers. The AAJ says the United States insurance industry collects more than $1 trillion in premiums each year, and has $3.8 trillion in assets. This figure surpasses the Gross Domestic Products of all countries except the United States and Japan. Researchers spent six months compiling data from many different sources including court documents, nationwide news accounts, testimonies of former insurance agents and auditors, and SEC records, just to name a few. http://www.sunherald.com/business/v-print/story/675669.html