Bid-rigging - Liberty Mutual - 10th Worst Insurance Company

Although not as notorious as its rivals, Liberty Mutual lands the tenth spot on the Top 10 Worst Insurance Companies in America (provided by American Association for Justice) because not only have they abused their policyholders but they continue to refuse to plead guilty for systemic bid-rigging despite the overwhelming evidence against them.

Headquarters: Boston, MA

Profits: 1.5 billion

Assets: 94.7 billion

  • Adopted the same strategy from consulting giant McKinsey & Co. as Allstate and State Farm, two of the worst insurance companies, that supports using the three D’s: deny, delay, and defend, when dealing with policyholders.
  • The company maintains a high level of complaints from short-changed victims, and is facing litigation from its own vendors for poor claims processing and an increase in lawsuits.
  • Liberty Mutual has pulled out of many states, abandoned policyholders, and along with their competitors, was responsible for leaving more than 3 million homeowners stranded.
  • Under suspicion of massive corporate fraud for colluding with other brokers by artificially inflating rates and tricking the clients into thinking they were getting a good deal when they actually weren’t.
Be the first to comment!
Post a Comment