U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence analysis.

Nearly 20 companies reduced staff in 2023, said the authors of the report, Tyler Hammel and Rozelle Alyssa Javier.

Farmers Group Inc. laid off the largest number of employees in 2023, they wrote. The company announced in August it was reducing its workforce by about 11 percent of its employees—2,400 people across all business lines.

GEICO announced layoffs in October, affecting nearly 2,000 people, about 6 percent of its workforce, the authors said.

In October, Liberty Mutual Holding Co. Inc. announced it was laying off approximately 850 employees, in addition to the approximately 370 layoffs announced in July.

United Services Automobile Association (USAA) and American International Group Inc. also announced layoffs last year.