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Last week, a report by Citi stated that US and European banks were set to shed 1.7m jobs as a result of increasing automation of its operations.
According to McKinsey & Co., automation is also likely to lead to job losses at European insurers, where they expect 250 thousand jobs to be eliminated over the next decade.
Profit at Europe’s insurers has become more vulnerable to the unpredictable level of claims as premiums stagnate and investment income dries up due to low or negative interest rates and struggling capital markets. Cuts and modernization may lead to the elimination of a quarter of the almost one million jobs in the region over the next decade, including positions in policy issuing and claims management, according to McKinsey & Co.
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