Economical Insurance has released its public accountability statement for 2019, detailing initiatives to strengthen community involvement, environmental conservation efforts and employee engagement.
According to the statement, Economical contributed about $855,000 for various community-based projects across Canada, with more than $90,000 going to charities chosen by partner brokers.
In addition, its employees made personal donations to 90 different Canadian foundations, with Economical matching the amount raised. The employees also spent almost 3,000 hours volunteering for non-profit organisations important to them and their families.
The insurer also offered students at select Canadian universities scholarships worth $85,000 annually.
To help in environmental preservation, Economical launched several environmental awareness campaigns within the company, with the goal of reducing pollution and wastage. The programs have resulted in the reduction of Economical’s year-over-year carbon emissions.
“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.
“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,” he added.
Economical also announced the establishment of the Economical Insurance Heritage Foundation, its new charity arm formed as part of the company’s anticipated demutualization. The foundation is expected to receive a $100 million donation from the proceeds of the demutualization.
