Catastrophe response team mobilized and command centre set up to support
CALGARY, June 25, 2013 /CNW/ - To help restore policyholders impacted by
the flooding in Southern Alberta, Economical Insurance has increased
its presence in the area to provide timely and effective responses to
policyholders, including full investigation of losses and reviewing
policies to help policyholders understand their coverage.
"Our policyholders purchased insurance to give them peace of mind. Now
we are stepping up to provide assistance in their time of need," said
Karen Gavan, Economical's president and CEO. "We are encouraging
policyholders impacted by the catastrophe to file a claim. Our
adjusters will be in touch within 48 to 72 hours and will review the
insurance policies to determine what coverage exists, such as sewer
backup for homes and coverage for automobiles."
In its immediate response to the devastation in Southern Alberta,
Economical set up a fully-functioning command centre in Airdrie while
its downtown Calgary branch, located in the mandatory evacuation zone,
"We deployed our claims catastrophe response team and implemented our
business continuity plans to work around the closure of our Calgary
office," added Gavan. "Some of our staff are working out of our broker
partners' offices close to where claims are coming in as part of our
effort to provide 24/7 claims support. These actions are helping to
ensure we can respond to our policyholders without interruption during
this difficult period.
"We believe the Alberta floods will have a large financial impact on the
entire insurance industry. We are currently assessing the impact on
Economical, taking into account our reinsurance programs, and will
include an estimate in our second quarter financial results."
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading
property and casualty insurers, with more than C$1.8 billion in
premiums and more than C$4.7 billion in assets. Based in Waterloo, this
Canadian-owned and operated group services the insurance needs of more
than one million customers through 17 branches and service offices
across the country. In 2010, Economical announced its decision to
become the first federally-regulated mutual property and casualty
insurance company to demutualize. Economical Insurance conducts
business under the following brands: Economical Insurance, Economical,
Western General, Economical Select, Perth Insurance, Family Insurance
Solutions, Federation Insurance and Economical Financial.
SOURCE: Economical Insurance
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