Farmers Insurance to Lay Off 2,400 Staff Amid Industry Challenges

This follows the company limiting its sales of homeowner policies in California due to “record-breaking inflation, severe weather events, and reconstruction costs.”

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. AP Photo/Gregory Bull

The California-based Farmers Insurance said on Aug. 28 that it will lay off 2,400 employees, or 11 percent of its workforce, across all lines of business due to macroeconomic challenges facing the industry.

Farmers Insurance said the decision was made following a “thorough evaluation and reduction of operational expenses” conducted across the company. It did not specify when the layoffs would take effect.