Insurance Industry Cited for Bad Business Policies
The rankings show a pattern of insurance industry avarice amongst 10 companies that refuse to pay just claims, reward executives with extravagant salaries, employ hardball tactics against their own customers, and unjustly raise premiums while hoarding tremendous profits. Ranked number one as the worst was Allstate. For example, in the 1990's Allstate contracted with McKinsey & Co. to force consumers to accept low-ball claims or face litigation. Allstate told agents to lie and blame fires on arson, and in turn, were rewarded with gifts and cash rewards.
Number two on the list was Unum. Unum, a disability insurance company purposefully denied just claims in order to maximize profits. In one instance a woman who had multiple sclerosis was forced to wait three years before she was given benefits to which she was entitled.
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