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Latest Legal News

STUDY LISTS WORST INSURER FOR CONSUMERS

According to a comprehensive investigation of thousands of legal documents and financial filings Allstate ranks as the worst insurer for consumers. In the study, published by the American Association for Justice (AAJ), the rankings show a distinct pattern amongst 10 companies that refuse to pay just claims,employ hardball tactics against policyholders, reward executives with extravagant salaries, and raise premiums while hoarding excessive profits.

The full listing is as follows: (View the detailed report here in PDF format.)

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

Financial documents also revealed extravagant profits and executive compensation while policyholders’ claims were routinely delayed and denied:

• Over the last 10 years, the property / casualty and life / health insurance industries have each enjoyed annual profits exceeding $30 billion.
• The insurance industry takes in over $1 trillion in premiums every year. It has $3.8 trillion in assets, more than the GDPs of all but two countries.
• The CEOs of the top 10 property / casualty firms earned an average of $8.9 million in 2007.
• The CEOs of the top 10 life / health insurance earned an average of $9.1 million.
• The median insurance CEO’s cash compensation is $1.6 million per year, leading all industries.

If you would like a free copy of the Report please call our office and we will gladly mail or e-mail you a copy, or please click here to download the document.

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Have you been injured? Contact a Pennsylvania personal injury lawyer at SchmidtKramer today. Our office is located in Harrisburg, and we have successfully advocated for clients throughout Pennsylvania, including Camp Hill, Carlisle, Chambersburg, Harrisburg, Juniata, Lancaster, Lebanon, Lewisburg, Lewistown, Mechanicsburg, Palmyra, Perry County, Pottsville, Shippensburg, State College, and York. Complete a FREE Online Consultation Form or call us today.