Economical highlights commitment to social responsibility

Waterloo, ON (May 21, 2019) – Economical Insurance has released its 2018 Public Accountability Statement, which outlines the company’s ongoing commitment to social responsibility initiatives that came to life in 2018, including community involvement, environmental programs, and employee and broker support.

“As one of Canada’s leading insurance providers, we’re in the business of protecting Canadians from coast to coast,” said Rowan Saunders, President and CEO, Economical Insurance. “Giving back to our communities is an important part of our heritage. We are proud to continue supporting the communities in which our employees, customers, and broker partners live and work.”

Through charitable partnerships in 2018, Economical supported worthy causes across the country that directly strengthened communities. This included working with the Canadian Red Cross to support 165 families affected by small-scale disasters, partnering with Crime Stoppers to reach 5,000 students with safety messages, and delivering Parachute’s injury prevention programing to more than 30,000 students across the country.

Economical Insurance 2018 Public Accountability Statement

Economical Insurance 2018 Public Accountability Statement

This corporate support was supplemented by employees’ commitment to their communities. In 2018, Economical employees made personal donations to 109 charities, supporting causes important to them and their families. Employees also gave back to their communities by volunteering their time, collectively logging more than 252 volunteer days in 2018.

Through programs such as paper and print management and measuring year over year CO2 reductions, environmental protection and stewardship remains a priority for the company. Economical practices careful vendor selection, and implements forward thinking facility updates like electric vehicle charging stations at their Kitchener office.

In order to foster a high performing culture, Economical invests in its employees through award-winning health and wellness programs, and boasts an inclusive workplace, with 94% of employees reporting that their work environment embraces individual differences.

Brokers identify and champion causes that have significant impact in their communities and that align with Economical’s community giving priorities. Every year, between 20 and 30% of Economical’s community giving budget is donated to local charities in affiliation with broker partners, who have their fingers on the pulse of their communities.

Giving back to communities has always been and will continue to be part of the Economical story. In January, it was announced that as part of the demutualization policyholder negotiations, a new charitable organization will be established. The Economical Insurance Heritage Foundation, will honour the legacy of Economical’s employees and customers, both past and present, by making a meaningful impact across Canada, continuing the company’s commitment to social responsibility.

The full 2018 Public Accountability Statement is online and available for download.

About Economical Insurance

Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with more than $2.3 billion in annualized premium volume and approximately $5.7 billion in assets as at September 30, 2018. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions. For more information, visit www.economical.com.

SOURCE: Economical Insurance

 
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Two important and seemingly unrelated trends are converging in the insurance sector to create a particular, rich opportunity for a certain kind of leader.

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