Does this mean insurance isn't as layoff proof as we were led to believe? "Allstate, GEICO and USAA have all reduced employees in the past year. It adds that Progressive is the only insurance that has said it plans to make no changes.
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For the first 25 years of my career in insurance my company had exactly two layoffs. In the last 10 years there have been six rounds of layoffs, followed by binge hiring. Everything has changed. There are very few people left at my Fortune 100 carrier over the age of 50. It’s churn and burn now.
I see where insurance companies layoff every year it seems like. They hire for the summer and seem to have small layoffs in the winter a lot of years. Progressive hired a bunch of GEICO employees that were laid off like a year and a half ago
No auto claims are highest in the summer and early fall and the same with homeowners with hurricanes coming through. A lot over hire then layoff
Chief
Who said insurance was layoff proof?
From that article, I’d be more worried about the changing comp package.
When had P&C ever been layoff proof?