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Karen Gavan

News Appointments

Former Economical Insurance CEO joins another board

May 7, 2019 by Greg Meckbach

Karen Gavan, former CEO of the first Canadian property and casualty insurer to start the demutualization process, is now on the board of directors of HSBC Canada. Gavan (pictured) was CEO of Waterloo, Ont.-based Economical Insurance from 2011 through 2016.

News ClaimsInsuranceMarkets / Coverages

Eastern Canadian earthquake risk a “huge opportunity” for industry

December 21, 2017 Greg Meckbach, Associate Editor

Complacency about real risks, such as an earthquake affecting Eastern Canada, present a “huge opportunity” for insurance providers to educate consumers, a former Economical Insurance CEO said Monday. “Human beings really don’t like thinking about the bad things that could

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsurance

Insurers, society face irreversible climate change: reinsurance board exec

December 19, 2017 Greg Meckbach, Associate Editor

Wildfires that hit British Columbia earlier this year and that continue to affect California are among the effects of climate change, says Karen Gavan, former CEO of Waterloo, Ont.-based Economical Insurance. “Literally California has been burning all fall,” said Gavan,

News Mergers and AqcuisitionsTechnology

Broker ‘still a valuable partnership’ for Economical Insurance despite Sonnet launch: CIO

March 2, 2017 by Canadian Underwriter

Economical Insurance’s recently-launched direct writer, Sonnet, is one example of “disruptive innovation” in the Canadian industry, a speaker told insurance professionals at a recent conference, though a senior executive of Economical suggested there is a “significant segment” of the market

News AppointmentsInsuranceLegislation / RegulationProfessional Development

Court appoints committees to represent Economical mutual and non-mutual policyholders

February 24, 2017 by Canadian Underwriter

An Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Economical Insurance gross written premiums up 6.7% to $550 million in third quarter of 2016 from prior-year quarter

November 7, 2016 by Canadian Underwriter

Economical Insurance has reported that gross written premiums (GWP) were up by 6.7% to $550.3 million in the third quarter of 2016 ending Sept. 30 from $515.9 million in Q3 2015. In the first nine months of 2016, GWP were

News AssociationsInsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Economical Insurance expecting “significant growth” in broker channel over the next five years: Gavan at IBAO Convention

October 21, 2016 Jason Contant, Online Editor

Economical Insurance is expecting “significant growth” in its broker channel over the next five years, possibly 25% bigger than where it is today, outgoing president and CEO Karen Gavan said on Thursday during the 96th annual Insurance Brokers Association of

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Economical Insurance cites wildfire’s impact, net income drops to $17.1 million in 2016 Q2

August 8, 2016 by Canadian Underwriter

Canada’s worst-ever insured natural disaster – the Fort McMurray wildfire – delivered a hard hit to the underwriting activity of Economical Insurance, contributing to a net income in the second quarter of 2016 of about half the prior-year quarter. Economical

News InsuranceProfessional Development

Economical Insurance board names Rowan Saunders president and CEO effective Nov. 1

July 27, 2016 by Canadian Underwriter

The board of directors of Economical Insurance announced on Wednesday that Rowan Saunders has been named president and CEO effective Nov. 1. Having served as president and CEO of RSA Canada since 2003, Saunders (pictured right) will “further the vision

News InsuranceMergers and AqcuisitionsTechnology

Economical Insurance activates multi-channel distribution with launch of direct channel

May 9, 2016 by Angela Stelmakowich

Economical Insurance’s new direct channel – part of an updated corporate strategy to position the company as among the top property and casualty insurers in the country – went live Monday morning. Economical Insurance has activated multi-channel distribution with the

News InsuranceLegalLegislation / RegulationMarkets / Coverages

Launch into direct-to-consumer market expected soon, demutualization packages being mailed: Economical Insurance

May 4, 2016 by Canadian Underwriter

Economical Insurance’s “journey towards becoming a strong, Canadian, independent public company is now well under way,” a leg of which will include a strategic expansion into the direct-to-consumer market, president and CEO Karen Gavan said during the mutual’s Annual General