Bomb survivors use Nobel Peace Prize win to share their anti-nuke message with younger generations
Ted Cruz and Colin Allred wage another big US Senate fight in Texas
Data shows migrants aren't taking 'Black jobs' or 'Hispanic jobs,' despite what Trump says
Far from where Hurricane Milton hit, tornadoes wrought unexpected damage
Floridians evacuated for Hurricane Milton after wake-up call from devastating Helene
China's finance minister says there is room for more economic stimulus but offers no plan
China car sales snap five-month decline on subsidy boost
Cam Skattebo runs for 156 yards, Arizona State knocks off No. 16 Utah 27-19
Padres muster no offense to support Yu Darvish's inspired pitching in NLDS loss to Dodgers
Yamamoto outduels Darvish in historic matchup as Dodgers beat Padres 2-0 to reach NLCS
NEW YORK (AP) — Farmers Insurance said Monday 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.
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 Florida and California. As these regions become increasingly susceptible to natural disasters, from hurricanes to wildfires, in the era of climate change, the insurers have cited the need to reduce risk exposure and operating costs — but critics have accused the companies of exacerbating the cost-of-living crisis.
Monday's layoff announcement from Farmers follows mass job cuts seen at a handful of companies in the past year — including T-Mobile, Google, Meta, Amazon and Microsoft. Beyond the tech sector, layoffs have also hit Disney park employees, newspapers and some higher education jobs.
