Keyword
Economical
Economical partners with car-share platform Turo
February 15, 2022 Canadian Underwriter StaffEconomical is now the insurer of choice to provide commercial auto coverage for peer-to-peer car-sharing marketplace Turo in Ontario, Québec, Alberta and Nova Scotia. Turo is a host-and-guest car sharing service that allows owners to list their vehicles – including…
Economical demutualization complete, IPO raises $1.6 billion
November 24, 2021 by Greg MeckbachEconomical Insurance announced Tuesday it has completed its demutualization, the first property and casualty insurer in Canada to do so. Economical’s corporate parent, Definity Financial Corp., said Tuesday it has raised “aggregate gross proceeds” of about $1.6 billion in an…
New parent company for Economical following demutualization
August 30, 2021 by Jason ContantEconomical Mutual Insurance Company will have a new parent company once it demutualizes, the insurer announced Friday. Definity Financial Corporation, a newly creating entity incorporated under the Insurance Companies Act (Canada), will be the parent company of Economical Insurance, Family…
Threat of adverse selection prompts auto carrier to start credit checks
July 13, 2021 by Greg MeckbachNova Scotia motorists who consent to a “soft” credit check from Economical Insurance will soon be eligible to get a discount on their auto premium, the province’s regulator announced Monday. The Nova Scotia Utility and Review Board (NSURB) has already…
Economical policyholders give final thumbs-up to demutualize
May 20, 2021 by Greg MeckbachEconomical Insurance has “overwhelming support” from policyholders to demutualize. This is the result of the third and final policyholder vote, held Thursday. “We expect to be a public company by the fall of this year,” Economical Insurance CEO Rowan Saunders…
Former RSA exec Ince joins major Canadian P&C mutual
May 4, 2021 by Greg MeckbachAfter a 25-year stint at RSA Canada, Donna Ince has joined Economical Insurance as vice president, personal insurance, regional operations. Ince joined Economical Monday, a spokesperson for Waterloo, Ont.-based Economical told Canadian Underwriter Tuesday. Ince worked at RSA Canada until…
The ‘low hanging fruit’ for claims innovation
April 26, 2021 by Greg MeckbachCollecting high-resolution images, making it easy to report a loss, and integrating the service providers into the claims process are claims innovations carriers need to bring in if they are not already, InsurTech North speakers suggested last week. “Make it…
Economical sets date for final policyholder vote on demutualization
March 17, 2021 by Greg MeckbachA key step in Economical Insurance’s demutualization process, the third and final policyholder vote, is scheduled May 20, the Waterloo, Ont.-based insurer announced this week. If a client had a policy – either mutual or non-mutual – with Economical in…
How Economical could demutualize in 2021
December 22, 2020 by Greg MeckbachEconomical Insurance is aiming to have an initial public offering (IPO) of stock in 2021, making it the first ever property and casualty mutual in Canada to demutualize. “If we receive required approvals from the [federal] Minister of Finance on…
Insurer loses scooter claim because of a ‘deprecated’ sales receipt
October 20, 2020 by David GambrillIf 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…
Appeal court dismisses lawsuit against Economical over additional insured endorsement
October 5, 2020 by Greg MeckbachA 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…
How possible is a hybrid insurance model for the sharing economy?
August 24, 2020 by Jason ContantBeing 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…