Canadian Underwriter

Keyword
Economical

News Commercial LinesInsurance

How Economical returned to profitability

August 19, 2019 by Greg Meckbach

Editor’s Note: In an earlier version of this story, Canadian Underwriter incorrectly reported Economical Insurance’s net loss in 2017. Canadian Underwriter regrets the error. Commercial premiums for Economical Insurance are down more than 10%, but that does not mean prices

News Insurance

How Sonnet’s working out so far for Economical

August 13, 2019 by Greg Meckbach

Direct writer Sonnet, launched three years ago by Economical Insurance, has doubled in size in one year. “We are getting a broader base of customers. It’s not just millennials,” Rowan Saunders, president and CEO of Waterloo, Ont.-based Economical, told Canadian

News AnnouncementsInsurance

Economical clears major hurdle to demutualization

March 20, 2019 by Greg Meckbach

Economical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are

News Insurance

How much business Sonnet writes for Economical

February 22, 2019 by Greg Meckbach

Direct writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have

News InsuranceLegislation / Regulation

What could have happened to Economical if it had rejected demutualization

February 14, 2019 by Greg Meckbach

Amalgamation with another insurer and going into run-off were among the options considered by Economical Insurance directors before the Waterloo, Ont. carrier started the demutualization process in 2015. Mutual policyholders of Economical are scheduled to vote March 20 on a

News Insurance

Why Canada’s largest mutual insurer is not demutualizing

January 18, 2019 by Greg Meckbach

Unlike Economical Insurance, Canada’s largest mutual insurer plans to stay that way. “Everybody says, ‘Because of what Economical is doing, are you going to demutualize?’ No,” Carol Jardine, president of the Canadian property and casualty operations of Wawanesa Mutual Insurance

News Insurance

2019 Executive Outlook | Rowan Saunders, Economical

January 4, 2019 Canadian Underwriter

Canadian Underwriter approached Canadian P&C industry executives with two questions: 1) What is the single most important change the industry must make looking forward into 2019? 2) How might this change be brought about? Their answers, featured in our 2019

News BrokersInsuranceTechnology

From days to minutes: New tech overhauls quote and bind process

June 10, 2018 by Jason Contant

The launch of the new broker technology Vyne will eliminate some of the “inefficient steps” that brokers have to take between quoting and binding, potentially reducing the quote and bind process from days or weeks to just minutes, the company

News BrokersInsuranceTechnology

Economical rolls out Vyne for brokers in select areas

June 4, 2018 by Jason Contant

Economical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The

News InsuranceMarkets / Coverages

What happened to an Ontario auto insurer that actually cut rates by 15%

March 9, 2018 by Greg Meckbach

Ontario’s ill-fated effort to force auto insurance rates down 15% is having some lingering effects on one insurer. “I think we were one of the few [Ontario auto insurers] that met the government’s mandated 15% rate reduction and that has

News InsuranceLegalMarkets / Coverages

Why your CGL pollution exclusion may not go far enough

January 4, 2018 by Canadian Underwriter

Even though they put pollution exclusions into their commercial general liability policies, two major insurers are still on the hook for defending a Vancouver area dry cleaner against a lawsuit arising from soil contamination, a court ruled last week. In

News Climate ChangeInsuranceMarkets / Coverages

2018 Outlook: Rowan Saunders, President, CEO, Economical Insurance

January 2, 2018 Rowan Saunders

The continued deterioration and loss trends in automobile insurance and the impact of climate change will be the two biggest trends affecting Canada’s property and casualty insurance market in 2018. Auto is a challenge in many parts of the country,