Farmers, GEICO prime listing 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.
Based on evaluation by S&P World Market Intelligence, the P&C sector noticed a discount of no less than 6,800 jobs.
In an announcement shared with S&P World, an organization spokesperson stated the transfer was completed to streamline operations and introduce modern measures to help Farmers company house owners and employees.
CEO Todd Combs had stated the cuts had been completed “to higher place ourselves for long-term profitability and progress, and after a radical analysis throughout all traces of enterprise.”
“This can permit us to change into extra dynamic, agile, and streamline our processes whereas nonetheless serving our clients,” Combs beforehand advised 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. Nevertheless, their numbers had been on a smaller scale in comparison with each Farmers and GEICO.
Based on S&P World, Liberty Mutual laid off round 1,200 workers, whereas USAA had reduce 300 workers 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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