Are insurance companies laying off people? (2024)

Are insurance companies laying off people?

U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence 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.

Are people leaving the insurance industry?

The hiring pool is limited for entry-level and experienced talent, with 65% of people leaving an insurance job also exiting the industry. The leading reason why employees quit is a need for more career development and advancement.

Are layoffs coming in 2024?

Last year's job cuts weren't the end of layoffs. Further reductions have begun in 2024. Companies like IBM, Google, Microsoft, Nike, and Amazon have announced plans for cuts this year. See the full list of corporations reducing their worker numbers in 2024.

Why are health insurance companies laying off employees?

In response, insurers are conducting layoffs because they prefer “to find ways to take costs out of their own cost structure, including reducing headcount, and not really take much value away from their offerings as it relates to consumers,” Scott Fidel, managing director of healthcare services at investment bank ...

Are insurance companies short staffed?

It's become increasingly difficult to ignore: the insurance industry is facing a major talent shortage that is only just beginning.

What insurance companies are laying off people?

Liberty Mutual and USAA are also among the P&C insurers to execute layoffs in 2023. However, their numbers were on a smaller scale compared to both Farmers and GEICO. According to S&P Global, Liberty Mutual laid off around 1,200 employees, while USAA had cut 300 employees from its workforce.

Why are people leaving the insurance industry?

The primary reason is compensation—nearly 60% of those leaving the industry stated their pay was the primary reason for leaving. Work-life balance followed close behind, factoring into over 50% of responses.

How bad will layoffs be in 2024?

The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs. fyi, which tracks layoffs in the tech industry. That averages out to more than 780 layoffs each day in 2024.

What big companies are being laid off in 2024?

What industries are experiencing the most layoffs?

The tech industry is leading the way when it comes to layoffs, though firings are now economy-wide. The workers who feel most at-risk include those in product management, quality assurance, marketing, finance, and IT roles.

Why is the insurance industry struggling?

The property insurance sector is under heavy pressure from poor financial performance due to unexpectedly high inflation, a shift of exposures to higher-risk areas, and rising reinsurance costs.

Is the insurance industry a stable career?

The insurance industry is known for providing job stability due to its steady demand for professionals skilled in assessing and managing risk.

Is insurance a stable career?

Nothing is guaranteed in life, but some professions have more stability than others. Insurance is widely considered an “evergreen career,” one which typically offers excellent job security.

Who is most vulnerable to layoffs?

Major US companies have laid off thousands of workers in a bid to improve efficiency and cut costs. Remote workers and middle managers are often more vulnerable to layoffs, experts say.

Who is most at risk for layoffs?

Layoffs and hiring freezes are expected to continue in the industry during a possible recession. Workers in transportation & warehousing; construction; and repair, personal & other services are also at higher risk of job loss.

What companies aren t laying off?

What is the future of insurance industry?

Insurers will engage in more process automation across marketing, distribution, underwriting, claiming, and policy servicing. Leading insurers will use automation and empathy during the next decade to reach outcomes such as driving revenues and policies in force, optimizing expenses, and minimizing risks.

What is the biggest threat to the insurance industry?

How many people are retiring from the insurance industry?

Nearly 400,000 employees are expected to retire from the insurance industry workforce within the next few years, according to the U.S. Bureau of Labor Statistics.

Who is the number 1 insurance company in America?

Is the insurance industry in crisis?

California leaders say the insurance industry here is in a crisis. Finding and keeping homeowners' insurance is increasingly difficult. For those who can manage it, it may come at a high cost.

Is insurance industry in trouble?

The business of insurance, which once was stable and predictable, isn't that way anymore. Growth without sacrificing profitability is challenging, climate change is irrevocably impacting certain risk profiles, distribution needs have become truly omnichannel and customers expect products tailored just for them.

What are the three biggest issues facing the insurance industry?