During an industry analyst call last week GEICO reported a loss of over 900,000 policies YTD. Production down 4.6%. Combined ratio 108 . They reported layoffs have begun in Marketing, IT and HR. Claim staffing is under “evaluation.”
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Warren here, my only lament in my incredible life is that I made dat d-mbbutt prediction Gicko would overtake the Farm by 2022. I ran out of goats to sacrifice and my powers are fading.
No layoffs at State Farm, they just close your location, and offer you a chance to uproot your live and move across country, at your own cost.
They still get rid of people they dont want, just mask it being an official layoff. Also quiet firing has been a major focus of the company since rust left.
Now USAA needs to get rid of their consultants.
1hhv+1jAGrxr1
It's called quiet firing.
Ever wonder why the turnover rate is always high?
there have never been any layoffs at State Farm
@pie+1jAGrxr1
SF is so understaffed that if they were to make cuts in claims they would end up with no one ... now analyst roles and higher up management prob have something to worry about if and when this even goes down...
This is what happens when CEOs take 24+ million dollar bonuses. Remember they don't get rich by hard labor. They get rich by conjuring ways to S C R E W the working class.
Hmmm.
I better rethink my quiet quiting. If the bosses have noticed, I might be out of a job during this recession and not be able to go to any other insurance company.
Now I'm starting to understand those boomers when they said to not burn my bridges.
GEICO also reported a nearly 1 Billion dollar auto underwriting loss in just the 3rd Q. Their property losses due to IAN and IDA are reportedly over 3 Billion. They are hemorrhaging $$.
Good! There's way too much fat in the Insurance Industry and Government! Res Tsunami coming tomorrow for even more fat to be cut and come back to NORMALCY.