Thousands of jobs are at risk in Europe's insurance industry as cost cutting and automation are becoming increasingly crucial to boost earnings, reported Bloomberg.

McKinsey & Co. has said that almost 250,000 jobs may be eliminated in the region in the coming decade.

Profit at European insurers has become more vulnerable to the unpredictable level of claims due to falling premiums and investment income.

"Insurers are increasingly working on the automation and digitalization of their processes," said an official.

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