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U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to analysis.

Nearly 20 companies reduced staff in 2023, cutting at least 6,800 jobs, said the authors of the report, Tyler Hammel and Rozelle Alyssa Javier.

Farmers Group Inc. laid off the largest number of employees in 2023, they wrote. The company announced in August it was reducing its workforce by about 11% of its employees—2,400 people across all business lines.

GEICO announced layoffs in October, affecting nearly 2,000 people, about 6% of its workforce.

In October, Liberty Mutual Holding Co. Inc. announced it was laying off approximately 850 employees, in addition to the approximately 370 layoffs announced in July.

United Services Automobile Association (USAA) and American International Group Inc. also announced layoffs last year.

Editor’s Note: Layoff announcements like the one below (as well as new return-to-work requirements), were among the top story topics of 2023.

GEICO Lays Off 6% of Workforce and Will Require More In-Office Time

We chose this popular headline because it included two big 2023 topics: layoffs and adjustments to work-from-home arrangements. American Family Å˽ðÁ«´«Ã½Ó³»­ this year confirmed staff reductions, and Farmers Å˽ðÁ«´«Ã½Ó³»­ announced that it would let go 11% of its workforce. Liberty Mutual announced some job cuts due to organizational changes. Insurtechs were not immune: Hippo laid off 20%, and Branch Å˽ðÁ«´«Ã½Ó³»­, Corvus Å˽ðÁ«´«Ã½Ó³»­ and Pie Å˽ðÁ«´«Ã½Ó³»­ also announced layoffs in 2023. In the meantime, more employees were told to come to work more often. Farmers CEO Raul Vargas told workers mid-year that the insurer would institute a hybrid work schedule.

See the whole list HERE.

Topics Carriers Property Casualty