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

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.

According to evaluation by S&P Global Market Intelligence, the P&C sector noticed a discount of a minimum of 6,800 jobs.

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

CEO Todd Combs had stated the cuts had been finished “to better position ourselves for long-term profitability and growth, and after a thorough evaluation across all lines of business.”

“This will allow us to become more dynamic, agile, and streamline our processes while still serving our customers,” 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. However, their numbers had been on a smaller scale in comparison with each Farmers and GEICO.

According to S&P Global, Liberty Mutual laid off round 1,200 workers, whereas USAA had reduce 300 workers from its workforce.

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

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