Ten worst insurance companies
Bit dated, but in this day of exalting the private, for-profit insurance companies up there on some ivory pedestal where they can never, ever, do anything wrong because it's all Obama's fault, a short reminder of what we're dealing with here:
CEO: Stephen J Hemsley
2007 compensation $13.2 million
HQ: Minnetonka, MN Profits: $4.7 billion (2007) Assets: $53.5 billion
UnitedHealth is plagued by accusations that its greed has endangered patients. Physicians report that reimbursement rates are so low and delayed by the company that patient health is compromised. Money that should have been spent on medical treatment for policyholders has instead gone to the company's former CEO, who faced criminal and civil charges for backdating stock options. UnitedHealth has also used its association with AARP to jack up premiums on products aimed at sen- iors, even though they are no better than their cheaper counterparts.
CEO: Mark S. McAndrew
2007 compensation $4.7 million
HQ: McKinney, Texas Profits: $527.5 million (2007) Assets: $15.2 billion157
Founded, by its own admission, as little more than a scam, Torchmark has preyed upon low-income Southerners for over 100 years. Torchmark is the holding company for a variety of subsidiaries offering low cost burial insurance, cancer insurance, life insurance, and similar policies. The company has come under fire for a variety of transgressions, including charging minority policyholders more than whites.
- Liberty Mutual
CEO: Edmund F. (Ted) Kelly
2005 compensation $27 million
HQ: Boston, MA Profits: $1.5 billion (2007) Assets: $94.7 billion
Like Allstate and State Farm, Liberty Mutual hired con- sulting giant McKinsey & Co. and adopted deny, delay, and defend tactics. The company has also gone one further than simple claims-handling abuses by indulging in what regulators allege is systematic bid-rigging.
Here is a link that might be useful: .pdf with great details