GEICO reports recovery after job cuts
Workforce reductions and expansion efforts
In 2023, GEICO announced significant workforce reductions, laying off approximately 6% of its employees, or about 2,000 staff members, as part of a broader industry trend. This move followed similar actions by other major insurers, including Farmers Insurance, State Farm, and Allstate, which curtailed operations in Florida, California, and other states. These decisions were driven by escalating concerns over natural disasters, inflation, and rising costs associated with property repairs and loss adjustments.
