Economical contributed nearly $1 million towards making a difference in Canadian communities

WATERLOO, ON, May 25, 2020 — Economical Insurance released its 2019 Public Accountability Statement, which is online and available for download. The report outlines the ongoing corporate commitment to social responsibility initiatives implemented in 2019, including community involvement, environmental programs, employee engagement and broker support.

"As we continue to put our customers at the centre of everything we do, bringing our best every day, and understanding that we're stronger together, we have deepened the resilience of our organization, at a time when we – and our customers – need it most," said Rowan Saunders, President & CEO of Economical. "Our 2019 Public Accountability Statement is a reflection of our commitment to charitable giving, supporting our stakeholders, and delivering value to Canadians."

Economical continued to deliver value to Canadians over the course of 2019 through its community-focused programs:

  • The Economical team contributed approximately $855,000 towards making a difference in Canadian communities; over $90,000 of which was to charities chosen by its valued broker partners
  • From coast to coast, employees made personal donations to 90 charities that led to matching donations from Economical, and they also generously donated almost 3,000 hours of volunteer time throughout the workweek to help not-for-profit organizations important to them and their families
  • By offering $85,000 annually for students in scholarships at select post-secondary institutions, Economical helped to equip the next generation with access to specialized education programs across Canada
  • With environmental protection and stewardship remaining a priority, Economical raised awareness of environmental sus­tainability within the company nationally, while also identifying, investigating and acting to reduce pollution, waste, and consumption of resources – resulting in year over year CO2 reductions

The 2019 Public Accountability Statement demonstrates the inherent commitment Economical has for its neighbouring communities.

For almost 150 years, Economical and its workforce have maintained a strong tradition of giving back to communities across Canada through corporate giving and volunteerism – especially to provide relief for Canadian's when they need it most. Currently, the company is focused on balancing COVID-19 relief measures for customers with efforts designed to impact the health and resiliency of communities across Canada.

"The impact of COVID-19 cannot be overstated. We remain committed to moving the business forward while meeting the needs of our customers, broker partners, and communities." said Rowan Saunders.

Looking forward, Economical is proud to solidify its commitment to a socially responsible future through supporting the Economical Insurance Heritage Foundation, a new charitable foundation established as part of the company's anticipated demutualization. The Foundation, which is expected to receive a $100 million donation from the proceeds of a successful demutualization, will honour Economical policyholders and employees – past and present – by working to have the greatest impact on Canadian communities.

About Economical Insurance

Economical Mutual Insurance Company ("Economical" or "Economical Insurance", which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.6 billion in annualized gross written premiums and over $5.8 billion in assets as at March 31, 2020. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.

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Chloe.matcham@economical.com