HomeBusiness Insurance5. Liberty Mutual detailed layoffs amid restructuring

5. Liberty Mutual detailed layoffs amid restructuring

Faced with challenging market conditions in some lines, the insurance industry was not immune to layoffs this year as several companies announced restructuring plans.

In October, Liberty Mutual Insurance Co. confirmed it was laying off 2% of its U.S. workforce, or about 850 people, as part of a multiyear transformation of its business.

A Liberty Mutual spokesman said the job cuts would affect staff in its U.S. retail markets and global risk solutions business units, in addition to technology and other corporate groups.

The story about the Liberty Mutual layoffs, many of which will take effect by year-end, was the fifth-most-read risk management-related story on Business Insurance’s website this year.

The insurer had previously announced other job cuts. In July, it had said it would cut about 370 U.S. positions in a reorganization of its personal lines and small commercial insurance business that followed the recent sale of units in Europe and Latin America.

Other insurers announcing job cuts this year included Farmers Insurance Group Inc. and GEICO Corp.

More recently, the corporate restructuring wave has spread to the brokerage and insurtech segments. In October, insurtech Hippo Holdings Inc. said it planned to lay off 120 employees, or about 20% of its worldwide workforce.

Also in October, Aon PLC said it will incur $900 million in costs related to a restructuring program including job cuts and technology investments.

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