German insurer Allianz slashes 650 British jobs amid 'higher claims costs and softening market conditions'
Allianz has told staff that it is slashing 650 jobs in the UK.
The German insurer is making cuts to its commercial, speciality and personal insurance business teams.
It employs around 6,000 people in the UK at sites including its Guildford headquarters and a legal protection office in Bristol. It is facing a 'backdrop of higher claims costs and softening market conditions' in its personal insurance unit.
Redundancies will be completed by the end of 2025.
It said: 'We are investing in a multi-year transformation programme to become a simpler, digital-led, leaner business.'
It spent more than £1billion to buy the general insurance division of LV= in 2020.
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