Munich Re's Ergo unit cuts 1,000 positions as AI takes over jobs
Munich Re's primary insurance unit Ergo plans to cut about 1,000 positions in Germany, partly driven by increased AI adoption. The cuts represent one of the larger announced AI-driven workforce reductions in European financial services.
The move signals that AI-driven job displacement is spreading beyond tech into traditional industries like insurance, where routine processing and claims handling are increasingly automated.
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