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 response to evaluation by S&P World Market Intelligence, the P&C sector noticed a discount of no less than 6,800 jobs.

In a press release shared with S&P World, an organization spokesperson mentioned the transfer was finished to streamline operations and introduce progressive measures to assist Farmers company house owners and workers.

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

“It will enable us to change into extra dynamic, agile, and streamline our processes whereas nonetheless serving our prospects,” Combs beforehand instructed workers 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 had been on a smaller scale in comparison with each Farmers and GEICO.

In response to S&P World, Liberty Mutual laid off round 1,200 staff, whereas USAA had reduce 300 staff 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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