Ontario’s Licence Appeal Tribunal (LAT) erred in law when ruling it had to rely solely on the Statutory Accident Benefits Schedule (SABS) and had no jurisdiction to award equitable remedies under the Insurance Act, a provincial court has found. In…
Fear of a looming recession doesn’t appear to be affecting consumers’ purchasing behaviours yet, Definity Financial Corporation president and CEO Rowan Saunders said during a virtual fireside chat with RBC Capital Markets. “Insurance is quite close to being a recession-proof…
Karen Gavan, Swiss Re board of directors and former president, CEO of Economical Insurance To reach a leadership position in the Canadian property and casualty insurance industry, women leadership hopefuls need to develop and hone their financial literacy skills, the…
An all-policyholders’ vote on demutualization is scheduled this spring, Economical Insurance announced this week. “The process for getting this meeting on the calendar is on track,” said John Bowey, chairman of Waterloo, Ont.-based Economical, in an update posted Feb. 22…
After a five-year-long business relationship with Intact, ridesharing giant Uber moved its business to Economical. What prompted the move?
Once autonomous vehicle technology becomes commercially feasible for public transportation, it will be widely adopted, predicts Obaid Rahman, vice president of commercial underwriting and specialty lines at Economical Insurance. “In my view, when autonomous technology is commercially viable for public…
Editor’s note: This story was updated to reflect a June 30 announcement by Economical Insurance Economical Insurance is still in the process of demutualizing but the next policyholders’ vote is not going to happen this year, the Waterloo, Ont. based…
Economical Insurance continues to work on converting from a mutual to a publicly traded firm, but officials with the Waterloo, Ont. carrier are keeping a close eye on the stock markets. “The outbreak of COVID-19 has adversely affected economic and…
The two-year time limit to take auto accident benefits disputes to Ontario’s Licence Appeal Tribunal (LAT) is not a “hard limitation” period, the province’s appeal court has ruled. In Tomec v. Economical Mutual Insurance Company, released Nov. 8, the Court…
Economical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization)…
Mutual policyholders of Economical Insurance could get more than $300,000 each if the Waterloo-based insurer demutualizes. A conversion proposal that Economical submitted to the regulator last year calls for 20% of benefits going first to eligible mutual policyholders, of which…
Canadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three…