Economical Insurance is comprised of Economical Mutual Insurance Company, including the Western General Division, Economical Insurance, Economical Select, Perth Insurance Company, Economical Financial Inc., including Family Insurance Solutions Inc. Individually, each member company brings its own expertise to Economical, ensuring the company can continue to provide a wide range of products to a diverse marketplace via an extensive broker network.
Brokers receive a commission for the work they do for consumers, such as helping the consumer understand their insurance needs, finding an insurance policy best suited to those needs, shopping for the best premium for the policy and assisting consumers in the event of a claim. Commissions are generally the only source of income for a brokerage.
Commissions are paid to brokers by an insurance company as a percentage of the policy premium. If requested by a consumer, brokers are required to disclose the commissions they receive for a policy. Perth Insurance company, for example for a Private passenger automobile, receives 5 to 12.5% and for personal property, policies receive 20%.
Products and Services Available from Economical Insurance
- Non-standard and high-risk property and automobile insurance. You may have varying needs for your auto insurance coverage, so Economical Insurance offers protection on all types of vehicles*Due to government plans, Economical does not offer auto insurance in Saskatchewan or Manitoba.
- Whether you own a home, condo, are renting, or own a home as an investment property, Economical Insurance has the right coverage for you. As well as additional coverage for home office, hobby, seasonal home or any of your custom needs.
- Liability insurance. In addition to providing protection for your possessions, ensure you are protected against lawsuits arising out of your personal actions and ownership of property.
- Protecting your small to mid-sized business, group or association, Economical EXPRESS or Economical EXPERT products for conventional small business operations or med-sized industries and businesses offers exceptional coverage and a simple quote process.
- Commercial vehicle coverage for fleets and individual automobiles.
- Unique products specifically aimed to protect farm and agricultural operations.
- Surety bonds with the combined 60 years of experience working with brokers across Canada.
Market Strength and Reliability for Economical Insurance
Economical Insurance reported $2.0 billion in premiums during 2015 and $5.3 billion in assets as at December 31, 2015, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Mostly through a network of brokers.
Independent rating agency A.M. Best affirmed the financial strength and issuer credit rating of Economical Insurance. The ratings of A- (Excellent) and a- respectively provide a further reinforcement of the company’s excellent financial strength and significantly improved financial performance.