The cuts will mostly affect finance and insurance roles. (Credit: Diego M. Radzinschi/ALM)
Farmers will lay off 63 employees in California later this year, according to a recent filing with the state.
The cuts will largely affect finance and insurance roles and are set to happen in October.
The news comes on the heels of State Farm’s announcement that it’s launching a new voluntary exit program and workforce realignment process that could lead to job cuts for some employees.
Jobs report data from August also shows a recent decline in insurance employment in the U.S. In August, the industry lost roughly 5,500 jobs, nearly reversing the gains of July, when it added 7,500 jobs.
It could be a sign that the larger economy is cooling. The total U.S. labor market added just 22,000 jobs in August, the lowest rate in a decade.
Industry analysts say insurance companies are also working to find the right balance of talent as they adjust to new tech, changing customer expectations and higher operating costs.
Despite the California layoffs, Farmers also recently announced a recruitment effort to hire more than 100 employees for direct sales positions in four cities.
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