Farmers, GEICO high 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 response to evaluation by S&P International Market Intelligence, the P&C sector noticed a discount of no less than 6,800 jobs.
In a press release shared with S&P International, an organization spokesperson stated the transfer was achieved to streamline operations and introduce modern measures to help Farmers company homeowners and employees.
CEO Todd Combs had stated the cuts have been achieved “to raised place ourselves for long-term profitability and progress, and after an intensive analysis throughout all strains of enterprise.”
“It will enable us to grow to be extra dynamic, agile, and streamline our processes whereas nonetheless serving our prospects,” Combs beforehand instructed employees members in a company-wide e 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 response to S&P International, Liberty Mutual laid off round 1,200 staff, whereas USAA had lower 300 staff from its workforce.
Different notable layoffs within the business included these introduced by private strains insurtech Hippo and specialty MGA Hagerty.
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