Personal Injury Law

Ten Worst Insurance Companies ranked by AAJ (part 1 of 5)

By Brian F. LaBovick, Esq.

Do any of these sound familiar?  "You are in Good Hands with Allstate",  "Like a Good Neighbor State Farm is there", "Better Benefits at work - Unum", "Helping people live healthier lives - United Health. The above mentioned slogans are all from top insurance companies that were listed in the publication Top Ten Worst Insurance companies - How they raise premiums, deny claims, and refuse insurance to those who need it most,  ranked by the American Association for Justice (AAJ).

As a Florida law firm, LaBovick & LaBovick, PA handles personal injury claims from accidents.  We have worked with most insurance, if not all insurance companies, when working on behalf of our injured clients. This post does not mean to bash insurance companies or suggest not purchase insurance. There have been several instances where a client's Uninsured Motorist policy had to kick in, because the person responsible for the automobile accident, had no coverage or insufficient coverage.  It is wise, to have a good insurance agent that you trust and respect, to write an insurance policy. Personally, I have been with my Insurance Agent for 20 years.

Proper coverage is so critical to a driver on Florida's roadways. If you are involved in an accident, and the other party responsible does not have coverage, you will wish that you would have taken out the Uninsured motorist coverage for the extra few hundred a year.  It can save you lots of headaches in the future, if you are injured in an automobile accident. Talk to your agent about proper coverage for your vehicle.

All insurance carriers are not equal.  Some are better than others and some are worse. The AAJ took a look at several insurance carriers and came up with a list of the top ten worst insurance companies. They investigated court documents, records from the FBI and the SEC, Complaints and investigations from State Insurance departments, testimony and deposition from former agents and adjusters, and new accounts from around the country.  The final comprehensive list of the top ten worst include automobile insurers, homeowners insurers, health insurers, life insurers and disability insurers.

There are a few well know advertising insurance companies are absent from the AAJ list they are AFLAC, GEICO, and Progressive.  They must be doing something right, if they managed to avoid the list.

Did you know that the insurance industry takes over $1 trillion annually in insurance premiums? The insurance industry also, has more than $3.8 trillion in assets, according to the Insurance Information Institute. One would think that with all of this money, why on earth would the insurance industry have to deny benefits to clients that were entitled to them.  There is only one thing that comes to mind and that is corporate greed.

In this five part series, we will look at the insurance industry, discuss companies on the ten worst insurance company list and give readers a fresh perspective as to what the companies are doing to improve public opinion and to service customers.

According to the AAJ, the following companies ranked as the top ten 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

Stay tuned for part two of the series on "he worst ten insurance companies" and what every consumer needs to know when choosing an insurance provider.

Read the PDF of the AAJ's "Ten Worst Insurance Companies"

Full post as published by LaBovick Injury Law Blog on June 10, 2009 (boomark / email).