Economical Insurance Releases 2020 Public Accountability Statement Highlighting its Ongoing Support for Canadian Communities
Economical provided more than $1,000,000 for Canadian communities in 2020
WATERLOO, ON, May 17, 2021 /CNW/ - Economical Insurance has released its 2020 Public Accountability Statement, which is online and available for download. The report focuses on the corporate social responsibility (CSR) initiatives implemented by Economical in 2020, which included pandemic-related relief for Canadians, and employee and broker-driven initiatives to assist communities in need.
With 2020 being an especially difficult year for Canadians, Economical announced more than $1,000,000 in total in contributions in support of communities across the country and announced more than $70 million in pandemic-related relief in 2020 for its customers. Economical continues to provide relief in 2021 to support customers in need.
"Doing the right thing is paramount for us, whether that's within the company, in the communities we serve, or for the environment," said Rowan Saunders, President & CEO of Economical.
From the onset of the COVID-19 pandemic in Canada, Economical introduced support for individuals, communities, and businesses across the country with a mix of customer relief and CSR efforts to meet the rapidly shifting needs of Canadians. In alignment with its existing community giving pillars – Health & Wellness, Safety & Security, Youth & Education – Economical worked diligently to contribute to the national pandemic response. In order to meet the growing needs of communities, Economical:
- Extended its long-standing partnership with the Canadian Red Cross and provided an additional $100,000 donation to contribute to the improvement of COVID-19 support measures
- Donated $200,000 to provide necessary support to organizations in communities with immediate need as a result of the pandemic
- Assisted vulnerable community members through donations and employee volunteerism for organizations in need of assistance such as Kitchener-Waterloo Counselling Services Incorporated and Georgetown Bread Basket
- Introduced flexible payment options for personal insurance customers and solutions for brokers and business owners
- Quickly rallied to support urgent needs through a corporate employee-donation matching campaign totaling more than $50,000 in donations for Food Banks Canada
- Rapidly responded to the need to keep its workforce safe: within two weeks of COVID-19's arrival in March, 95% of Economical employees were securely and effectively working from home
In a year marked by significant social upheaval, Economical recognizes there's more work to do to meet the expectations of Canadians, especially when it comes to racial justice.
"The important lessons of social justice and anti-racism that were brought to the forefront by the Black Lives Matter movement and the significant impacts of the COVID-19 pandemic have ultimately helped make us a stronger company, a better employer, and an even more compassionate and responsive champion for our communities," said Saunders.
In the wake of global anti-racism movements, Economical created an Anti-Racism Employee Group, making it the company's fourth national employee resource group. Other employee groups include those supporting the LGBTQ+ community, the experience of immigrants to Canada, and women in leadership. These uniquely positioned groups celebrate individuals' differences and work to create positive change across the company with diversity and inclusion initiatives that effectively fight discrimination and promote a more inclusive workspace.
In 2020, Economical worked with its Diversity and Inclusion Committee (DIAC) and its four employee groups to identify organizations in their communities that focused on their cause and facilitated a $20,000 donation to each group, for a total contribution of $80,000.
Over the course of 2020, Economical remained dedicated to supporting Canadians through its community-focused programs and its multi-faceted scholarship program, providing $85,000 annually for students in specialized post-secondary programs across Canada.
"One thing that's never changed through a century and a half of serving Canadians is that we give back to our communities," said Saunders.
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 $2.9 billion in annualized gross written premiums and over $6.5 billion in assets as at March 31, 2021. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.
SOURCE Economical Insurance
please contact: Chloe Matcham, Specialist, Public and Media Relations, (C) 226.752.9674, [email protected]
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