Insurance Industry Layoffs — Close to 7,000 in 2023

S&P Global Market Intelligence did an analysis of employee layoffs in insurance in 2023. Property and casualty carriers led the way and 20 companies admitted to cutting staff last year.

In total they did away with 6,800 jobs.

Farmers Insurance led the layoffs and reduced its workforce by 11%. That totaled 2,400 jobs across all lines of business.

GEICO laid off 2,000 people in October. That’s 20% of its workforce and the company says there will be more to come.

Here is the list of the top-5 in layoffs:

Farmers — 2,400

GEICO — 2,000

Centene — 2,000

Liberty Mutual — 1,200

USAA — 300

Source link: Insurance Journal — https://bit.ly/3NYLtU5