Farmers, GEICO prime record of the biggest layoff numbers
The US insurance coverage business witnessed a major wave of layoffs in 2023, with property and casualty (P&C) carriers finishing up the majority of those employment cuts.
In keeping with evaluation by S&P World Market Intelligence, the P&C sector noticed a discount of no less than 6,800 jobs.
In a press release shared with S&P World, an organization spokesperson stated the transfer was accomplished to streamline operations and introduce modern measures to assist Farmers company house owners and employees.
CEO Todd Combs had stated the cuts have been accomplished “to higher place ourselves for long-term profitability and progress, and after an intensive analysis throughout all traces of enterprise.”
“This may enable us to change into extra dynamic, agile, and streamline our processes whereas nonetheless serving our prospects,” Combs beforehand informed employees members in a company-wide electronic mail.
Liberty Mutual and USAA are additionally among the many P&C insurers to execute layoffs in 2023. Nonetheless, their numbers have been on a smaller scale in comparison with each Farmers and GEICO.
In keeping with S&P World, Liberty Mutual laid off round 1,200 staff, whereas USAA had reduce 300 staff from its workforce.
Different notable layoffs within the business included these introduced by private traces insurtech Hippo and specialty MGA Hagerty.
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