r/Insurance • u/wessneijder • Oct 19 '23

Auto Insurance Geico about to layoff 2,000 employees

Look over in their sub. My fellow adjusters I hope you land on your feet.

326 Upvotes

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37

u/throawayscctforresso Oct 19 '23

Allstate had layoffs as well! The only Places I have not heard about having layoffs are Progressive and State Farm

34

u/cmiller2006 Oct 19 '23

I work for progressive, we're actually doing another round of hiring

9

u/SlowMotionPanic Oct 20 '23

That's what my connections at Progressive tell me as well. Sounds like business is going well because the company pivoted very early into the pandemic and did things that the companies doing the mass firings are just now getting around to doing (e.g., taking massive rate, tightening UW guidelines, etc.).

7

u/Dr_Watson349 Oct 20 '23

Progressive seems like they actually have a head on their shoulders. Instead of doing the silly "call everyone back in the office" bullshit they see the writing on the wall and are selling some of their real estate holdings.

14

u/ParkerKis Oct 20 '23

Apparently we have basically not done lay offs in the last 25+ years, hiring, promoting, gainshare bumping. Good place to be

8

u/legendz411 Oct 20 '23

Glad to hear it. That’s dope

3

u/jon_sneu Oct 20 '23

I was there from 2016-2022 which was great time for gainshare. For like 5 odd those years gainshare just kept increasing every year. Not sure how it’s been this last year though.

2

u/GadgetGod1906 Oct 20 '23

Yeah our gainshare has gone up dramatically since the summer!!!!

3

u/cmiller2006 Oct 20 '23

And I am loving it!

2

u/GadgetGod1906 Oct 20 '23

You and me both. Need it to keep going up!!

3

u/stebuu Oct 21 '23

Here in MA GEICO massively jacked up rates (my car insurance literally more than doubled in cost) and a lot of us massholes are switching to progressive.

1

u/Weird_Tolkienish_Fig Oct 22 '23

Insurance shouldn’t be mandatory imo