INSURANCE SCAM
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.
TOP 25 LIFE INSURANCE COMPANIES IN THE USA
| Rank 2022 | Companies | Turnover (1) | Change 2021-2022 | Shares 2022 | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| 1 | Northwestern Mut | 13,94 | 14,27 | -2,31% | 7,20% |
| 2 | New York Life | 12,48 | 13,26 | -5,88% | 6,45% |
| 3 | Metropolitan | 12,33 | 11,48 | 7,40% | 6,37% |
| 4 | Prudential of Amer | 10,55 | 10,64 | -0,85% | 5,45% |
| 5 | Mass Mut Life | 9,55 | 10,04 | -4,88% | 4,93% |
| 6 | Lincoln National | 8,56 | 8,3 | 3,13% | 4,42% |
| 7 | Nationwide Corporation | 6,1 | 3,93 | 55,22% | 3,15% |
| 8 | State Farm | 5,51 | 5,25 | 4,95% | 2,85% |
| 9 | Minnesota Mut | 5,05 | 4,83 | 4,55% | 2,61% |
| 10 | Aegon US Holding | 5,04 | 4,98 | 1,20% | 2,60% |
| 11 | John Hancock | 4,91 | 5,04 | -2,58% | 2,54% |
| 12 | Guardian Life | 4,82 | 4,53 | 6,40% | 2,49% |
| 13 | Pacific Life | 4,75 | 4,53 | 4,86% | 2,45% |
| 14 | Dai-Ichi Life Holdings | 4,21 | 3,56 | 18,26% | 2,17% |
| 15 | American International | 3,54 | 3,58 | -1,12% | 1,83% |
| 16 | Sammons Enterprises | 3,49 | 4,36 | -19,95% | 1,80% |
| 17 | Mutual of Omaha | 3,17 | 2,92 | 8,56% | 1,64% |
| 18 | Globe Life | 2,98 | 1,46 | 104,11% | 1,54% |
| 19 | Equitable Holdings | 2,88 | 3 | -4,00% | 1,49% |
| 20 | Primerica | 2,88 | 2,78 | 3,60% | 1,49% |
| 21 | PENN Mut | 2,87 | 3,93 | -26,97% | 1,48% |
| 22 | National Life | 2,77 | 2,51 | 10,36% | 1,43% |
| 23 | Principal FIN | 2,5 | 2,43 | 2,88% | 1,29% |
| 24 | UNUM | 2,43 | 2,4 | 1,25% | 1,26% |
| 25 | Hartford Fire & Cas | 2,1 | 2,13 | -1,41% | 1,08% |
| Total top 25 companies | 139,41 | 136,14 | 2,40% | 72,01% | |
| Rest of the market (2) | 54,19 | 54,39 | -0,37% | 27,99% | |
| Grand total | 193,6 | 190,53 | 1,61% | 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 2022 | Companies | Turnover(1) | Change 2021-2022 | Shares 2022 | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| 1 | State Farm | 78,64 | 70,31 | 11,85% | 9,04% |
| 2 | Berkshire Hathaway | 56,88 | 51,6 | 10,23% | 6,54% |
| 3 | Progressive | 52,33 | 47,76 | 9,57% | 6,01% |
| 4 | Allstate | 45,51 | 41,06 | 10,84% | 5,23% |
| 5 | Liberty | 45,26 | 39,02 | 15,99% | 5,20% |
| 6 | Travelers | 34,35 | 30,92 | 11,09% | 3,95% |
| 7 | Chubb Ltd | 30,23 | 26,98 | 12,05% | 3,47% |
| 8 | USAA | 26,86 | 25,25 | 6,38% | 3,09% |
| 9 | Farmers | 26,42 | 25,01 | 5,64% | 3,04% |
| 10 | Nationwide Corporation | 20,32 | 19,44 | 4,53% | 2,33% |
| 11 | Zurich Insurance | 17,62 | 15,02 | 17,31% | 2,02% |
| 12 | American International | 15,47 | 14,79 | 4,60% | 1,78% |
| 13 | Hartford Fire & CAS | 14,72 | 13,56 | 8,55% | 1,69% |
| 14 | American Family Insurance Group | 14,09 | 10,03 | 40,48% | 1,62% |
| 15 | CNA Financial | 13,21 | 12,6 | 4,84% | 1,52% |
| 16 | Tokio Marine Holdings | 11,15 | 7,48 | 49,06% | 1,28% |
| 17 | Auto-Owners Insurance | 10,99 | 9,92 | 10,79% | 1,26% |
| 18 | Fairfax Financial | 10,98 | 5,76 | 90,63% | 1,26% |
| 19 | W.R. Berkley Corporation | 9,27 | 8,26 | 12,23% | 1,07% |
| 20 | Assurant Inc. | 8,72 | 8,92 | -2,24% | 1,00% |
| 21 | American Financial Group | 8,64 | 6,69 | 29,15% | 0,99% |
| 22 | Erie Insurance Group | 8,6 | 7,87 | 9,28% | 0,99% |
| 23 | Markel Corporation | 8,3 | 7,42 | 11,86% | 0,95% |
| 24 | AXA Insurance Group | 7,68 | 7,77 | -1,16% | 0,88% |
| 25 | Sompo | 7,4 | 6,57 | 12,63% | 0,85% |
| Total top 25 companies | 583,64 | 520,01 | 12,24% | 67,06% | |
| Rest of the market (1) | 286,63 | 280,92 | 2,03% | 32,94% | |
| Grand total | 870,27 | 800,93 | 8,66% | 100% | |
(1) 2626 COMPANIES
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