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California-based Farmers Insurance to cut 2,400 jobs
https://www.whatjobs.com/news/usa/us-employment-news/california-based-farmers-insurance-to-cut-2400-jobs
By Nithya Bose in US business news, posted September 4, 2023
Farmers Insurance has announced 2,400 layoffs as part of a restructuring effort.
The cuts affecting 11 percent of its workforce aim to position the company for long-term growth.
The layoffs will affect most departments within the organization.
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Raul Vargas, President and CEO of Farmers Group, said: “Given the existing conditions of the insurance industry and the impact they are having on our business, we need to take decisive actions today to better position Farmers for future success.”
This move follows the insurance company’s recent decision to cease offering policies in Florida.
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It’s to manage risk exposure in the hurricane-prone state and restrict new homeowners insurance policies in California due to high costs and wildfire risks.
While other companies like T-Mobile and CVS have announced layoffs this month, the broader US labor market remains robust.
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