What are the top two areas of insurance that have the most complaints?
As of June 22, 2023, 35.6% of insurance complaints have been filed against accident and health insurance providers — up from 29.0% in all of 2022 and 26.9% in all of 2021. Auto insurers (31.2%) and homeowners insurers (24.4%) have the next largest share of complaints in 2023.
While 100% of complaints in Vermont were about claims, 79% of the complaints lodged in Maryland were related to policy cost and cancellations. California was the state with the most home and auto insurance complaints, recording 772 complaints in 2019 – most of which were related to unsatisfactory settlements or offers.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
- Lowest premiums: Geico.
- Fewest consumer complaints: Progressive.
- Highest customer satisfaction ratings: State Farm.
- Most coverage options: Allstate.
- Most tech-friendly: Geico.
What is the most common customer complaint? There isn't just one most common complaint, but some of the top issues include long wait times, unresponsive agents, bad customer service, lack of self-service options, and poor product or service quality.
California, Florida, and Texas take the top spots as the states with the most home insurance losses between 2015 and 2019 — not surprising given the natural disasters these states are prone to. New York State also landed a spot in the top 5 likely due to its risk of both hurricanes and winter storms.
| Insurance Company | Best for | Bankrate Score |
|---|---|---|
| USAA | Best overall | 4.7 Rating: 4.7 stars out of 5 |
| Allstate | Best overall | 4.2 Rating: 4.2 stars out of 5 |
| Lemonade | Best for digital experience | 3.8 Rating: 3.8 stars out of 5 |
| Chubb | Best for high-value home coverage | 4.3 Rating: 4.3 stars out of 5 |
Who is the richest insurance company?
| Ranking | Insurance Company Name | 2022 Net Non-Banking Assets (US $ 000) |
|---|---|---|
| 1 | Allianz SE | 1,050,762,471 |
| 2 | Ping An Ins (Group) Co of China Ltd. | 960,678,448 |
| 3 | Berkshire Hathaway Inc. | 948,452,000 |
| 4 | China Life Insurance (Group) Company | 885,019,438 |
LIC emerges as the strongest global insurance brand with a steady brand value of USD 9.8 billion.
- #1: United Health Group (UNH)
- #2: Berkshire Hathaway Inc. ( BRK.B)
- #3: CVS Health Corp Group (CVS)
- #4: The Cigna Group (CI)
- #5: Elevance Health Inc. ( ELV)
- #6: Centene (CNC)
- #7: Ping An Insurance (PNGAY)
- #8: Allianz (ALIZY)
Between their various companies, State Farm and Allstate occupied five of the top 10 spots on the most-sued list. Also on the list are Safeco, a defendant in 880 cases; Scottsdale Insurance Company, 855; Liberty Mutual, 831; GeoVera Speciaty Insurance Company, 687; and Lexington Insurance Company, 585.
- American Family: Overall Pick for Paying Claims.
- State Farm: Our pick for new homeowners.
- Allstate: Our pick for extended coverage.
- Liberty Mutual: Our pick for discounts.
- Progressive: Our pick for bundling.
Fraud: In rare cases, Progressive may suspect fraud or misrepresentation related to your claim and deny coverage on that basis. Lack of coverage: They could deny the claim if it is determined you do not actually have coverage for the type of loss or damage involved.
Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.
Both Geico and Progressive offer cheap car insurance to drivers across the country. Geico's rates are typically lower overall, but Progressive tends to offer better prices to high-risk drivers. High-risk drivers are those with a recent DUI, at-fault accident or speeding ticket on their driving record.
- #1 Berkshire Hathaway (BRK.B)
- #2 Ping An Insurance (Group) Co. ( PNGAY)
- #3 Allianz SE (ALIZY)
- #4 AXA SA (AXAHY)
- #5 MetLife Inc (MET)
- #6 Prudential PLC (PUK)
- #7 American International Group Inc. ( AIG)
- #8 Allstate Corp. ( ALL)
What company has the lowest customer satisfaction?
Comcast, the television provdider, was voted as the worst rated company for customer service in the United States in 2020, receiving the largest share of negative responses (44 percent). Second in the list came Well Fargo and DIRECTV, with 41 percent of respondents to the survey complaining about poor customer service.
- Apple: Personalized Approach to Technical Support. ...
- Amazon: Seamless Returns and Refunds. ...
- Zappos: Going the Extra Mile. ...
- Southwest Airlines: Empowering Employees. ...
- Ritz-Carlton: Anticipating Customer Needs. ...
- Slack: Efficient and Responsive Support.
- Inferior product or service. Not surprisingly, dissatisfaction with a product or service is a common cause of customer complaints. ...
- Delivery issues. ...
- Indifferent customer service.
Complaints filed by industry in the U.S.
For example, the Consumer Federation of America reported that 2020's most complained-about industries included automotive retail/service, home improvement/construction, credit lending, and professional services like plumbing and photography.
- Time-based complaints.
- Company-based complaints.
- Product/service-based complaints.
