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…
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,…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…