Economical Insurance marks 150 years of business

Economical Insurance marks 150 years of business | Insurance Business Canada

Economical Insurance marks 150 years of business

Economical Insurance is celebrating its 150th anniversary with an insight into its storied past.

Initially known as Economical Mutual Fire Insurance Company, the insurer was founded on November 25, 1871 by community members in Kitchener, ON to help local farmers following a series of barn fires. Today, the company is one of Canada’s leading P&C insurance companies, serving customers throughout the country through its network of over 27,000 individual brokers.

"Today marks a milestone that reminds us why we're in business and how customers rely on us, especially when the unexpected happens," said Economical Insurance SVP and chief distribution officer Tom Reikman in a statement released yesterday.

"Our company has withstood world wars, recessions, the Great Depression, and global pandemics, all of which are a testament to the longevity and success of Economical,” the SVP added. “From our humble beginnings in the Kitchener-Waterloo region, to our current reach across the country and on the Internet, we take great pride in the journey and achievements Economical has made to date and look forward to helping our clients for years to come."

To commemorate its 150 years of business, Economical Insurance launched two initiatives.

The firm has reached out to the fine arts students and graduates of the University of Waterloo to submit an original visual art piece celebrating the insurer’s successes. The winner was Baz Kanold, a mixed media artist who is currently finishing their undergraduate degree. Kanold was awarded $7,500 for their artwork, and prints of the art have been distributed to Economical employees as commemorative pieces.

The other initiative is a bit more introspective: Economical is working with historian Dr Ulrich Frisse to explore the company’s history. An international corporate lawyer and historian in Germany and Canada, Dr Frisse has also taught modern history at Wilfrid Laurier University and the University of Western Ontario for eight years. He will be researching Economical’s archives and will publish his findings in a commemorative book, which launches in spring 2022.