Canadian Underwriter

Keyword
Economical

News Insurance

Insurer loses scooter claim because of a ‘deprecated’ sales receipt

October 20, 2020 by David Gambrill

If a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase

News ClaimsClaims CanadaCommercial LinesConstructionEngineeringLegal

Appeal court dismisses lawsuit against Economical over additional insured endorsement

October 5, 2020 by Greg Meckbach

A solar energy developer has lost its appeal against Economical in a commercial coverage dispute regarding an additional insured, in which the policy wording referred to “liability arising out of the operations” of the insured. “Contractual insurance obligations and additional

News Insurance

How possible is a hybrid insurance model for the sharing economy?

August 24, 2020 by Jason Contant

Being able to distinguish between personal and commercial usage is one of the biggest unique differences with underwriting for the sharing economy, but the abundance of data available makes a hybrid insurance model possible, Economical Insurance said recently. “You can

News Insurance

Economical to take over commercial ridesharing insurance coverage from Intact

August 21, 2020 by Jason Contant

Economical Insurance will replace Intact Insurance as the commercial auto insurer for Uber in four Canadian provinces effective Sept. 1. Waterloo, Ont.-based Economical announced Tuesday in a press release the “new and significant relationship with Uber in Canada, designed to

News Insurance

O come, let us demutualize

December 23, 2019 by Greg Meckbach

If any of your clients have Economical Insurance policies, changing to a stock-owned company could make them joyful and triumphant, especially if they have mutual policies. “O come all ye policyholders” is something the industry could hear soon from Waterloo,

News Commercial LinesInsuranceLegal

Why this solar energy developer was denied coverage under a CGL policy

November 6, 2019 by David Gambrill

Economical Insurance recently won a case against a developer of solar energy projects that turned on the wording of an additional insured endorsement in a Commercial General Liability (CGL) policy. Economical ultimately convinced the Ontario Superior Court that insurance coverage

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