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INSURANCE: how to avoid insurance scams in us 2023



In the United States, there are entities that illegally offer insurance, savings, credit or payment services.

The health crisis and containment measures have led to an increase in the number of attempted scams.

It is important to pay attention to the policy conditions and services offered by an insurance company. Consideration should be given to deductibles, claims handling and the procedure for obtaining insurance payments.

How do scammers operate?

Scammers who seek to defraud people out of their insurance money use different strategies. One of the most common methods is to contact people by telephone.

They pose as insurance advisers and tell the person that there is an insurance emergency. They then direct the victim to a premium rate telephone number via a voice message or SMS.

The aim of this scam is to charge a call fee or to obtain the victim’s bank details. Other criminals use online phishing techniques.

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They send emails to victims pretending to be large companies, insurance companies, government agencies or banks, with a stolen logo and company name.

The scammers trick the victims into disclosing their credit card numbers or account passwords to steal their money.

What to do if fraud occurs?


Regulators in the banking and insurance sectors are alert to the increase in the number of scams. It is important to be very careful when looking for an insurance company to contract with.

If you are confronted with a fraudulent solicitation, here are some additional tips:

Check the contact details of the company the caller claims to represent by contacting them directly.

Compare emails received from potential scammers with emails sent by genuine licensed professionals.
Check with the trade association to which the trader claims to belong.

Check the regulators’ blacklist to identify unauthorised actors/websites and those known to impersonate regulated market participants

In 2023, the National Association of Insurance Commissioners (NAIC) publishes the 12/31/2022 sales figures of insurers operating in the US.

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The top 25 life insurers account for 139.41 billion USD or 72.01% of life premiums. The 25 leaders in non-life insurance have a turnover of 583.64 billion USD, that is, 67.06% of the non-life market.


Rank 2022CompaniesTurnover (1)Change 2021-2022Shares 2022
1Northwestern Mut13,9414,27-2,31%7,20%
2New York Life12,4813,26-5,88%6,45%
4Prudential of Amer10,5510,64-0,85%5,45%
5Mass Mut Life9,5510,04-4,88%4,93%
6Lincoln National8,568,33,13%4,42%
7Nationwide Corporation6,13,9355,22%3,15%
8State Farm5,515,254,95%2,85%
9Minnesota Mut5,054,834,55%2,61%
10Aegon US Holding5,044,981,20%2,60%
11John Hancock4,915,04-2,58%2,54%
12Guardian Life4,824,536,40%2,49%
13Pacific Life4,754,534,86%2,45%
14Dai-Ichi Life Holdings4,213,5618,26%2,17%
15American International3,543,58-1,12%1,83%
16Sammons Enterprises3,494,36-19,95%1,80%
17Mutual of Omaha3,172,928,56%1,64%
18Globe Life2,981,46104,11%1,54%
19Equitable Holdings2,883-4,00%1,49%
21PENN Mut2,873,93-26,97%1,48%
22National Life2,772,5110,36%1,43%
23Principal FIN2,52,432,88%1,29%
25Hartford Fire & Cas2,12,13-1,41%1,08%
Total top 25 companies139,41136,142,40%72,01%
Rest of the market (2)54,1954,39-0,37%27,99%
Grand total193,6190,531,61%100%

(1) Life insurance only, excluding health and accident.
(2) 642 life companies.

Top 25 non-life insurance companies in the US


Figures in billions of USD

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Rank 2022CompaniesTurnover(1)Change 2021-2022Shares 2022
1State Farm78,6470,3111,85%9,04%
2Berkshire Hathaway56,8851,610,23%6,54%
7Chubb Ltd30,2326,9812,05%3,47%
10Nationwide Corporation20,3219,444,53%2,33%
11Zurich Insurance17,6215,0217,31%2,02%
12American International15,4714,794,60%1,78%
13Hartford Fire & CAS14,7213,568,55%1,69%
14American Family Insurance Group14,0910,0340,48%1,62%
15CNA Financial13,2112,64,84%1,52%
16Tokio Marine Holdings11,157,4849,06%1,28%
17Auto-Owners Insurance10,999,9210,79%1,26%
18Fairfax Financial10,985,7690,63%1,26%
19W.R. Berkley Corporation9,278,2612,23%1,07%
20Assurant Inc.8,728,92-2,24%1,00%
21American Financial Group8,646,6929,15%0,99%
22Erie Insurance Group8,67,879,28%0,99%
23Markel Corporation8,37,4211,86%0,95%
24AXA Insurance Group7,687,77-1,16%0,88%
Total top 25 companies583,64520,0112,24%67,06%
Rest of the market (1)286,63280,922,03%32,94%
Grand total870,27800,938,66%100%

(1) 2626 COMPANIES

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