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P&C giants lead wave of insurance coverage layoffs in 2023

P&C giants lead wave of insurance coverage layoffs in 2023 | Insurance coverage Enterprise America

Farmers, GEICO high checklist of the biggest layoff numbers

P&C giants lead wave of insurance layoffs in 2023

Insurance coverage Information

Mika Pangilinan

The US insurance coverage trade witnessed a big wave of layoffs in 2023, with property and casualty (P&C) carriers finishing up the majority of those employment cuts.

In accordance with evaluation by S&P International Market Intelligence, the P&C sector noticed a discount of not less than 6,800 jobs.

In an announcement shared with S&P International, an organization spokesperson stated the transfer was finished to streamline operations and introduce progressive measures to help Farmers company house owners and employees.

CEO Todd Combs had stated the cuts have been finished “to raised place ourselves for long-term profitability and progress, and after a radical analysis throughout all traces of enterprise.”

“It will enable us to turn out to be extra dynamic, agile, and streamline our processes whereas nonetheless serving our clients,” Combs beforehand instructed 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 accordance with S&P International, Liberty Mutual laid off round 1,200 workers, whereas USAA had reduce 300 workers from its workforce.

Different notable layoffs within the trade included these introduced by private traces insurtech Hippo and specialty MGA Hagerty.

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