Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability.
FILE - The logo for the Farmers Insurance Group is seen on the North Course during the first round of the Farmers Insurance Open golf tournament, Jan. 26, 2012, in San Diego. Farmers Insurance will lay off 11% of its workforce or about 2,400 employees as part of restructuring efforts, the company announced Monday, Aug. 28, 2023.
The California-based insurer owned by Swiss giant Zurich Insurance Group said the job cuts will impact all lines of its business. Monday was the last working day at the company for most employees impacted by the layoffs, Farmers confirmed to The Associated Press. In a statement announcing the job cuts, Raul Vargas, Farmers Group Inc. president and CEO, alluded to “existing conditions” in the insurance industry.
“As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability," Vargas said. “Our leaner structure will make us more nimble and better able to pursue opportunities for growth and ultimately make Farmers more responsive to the needs of our insured customers and agents.”
In recent months, Farmers — along with other insurers including Allstate and State Farm — have pulled back on property insurance in states like
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