Economical Insurance lays off 104 Waterloo Region staff

Economical Insurance has announced it will be laying off 104 staff in Waterloo Region.

143 staff members cut from company country-wide

Economical Insurance, one of Canada’s largest insurance companies, has sent layoff notices to 104 employees in Waterloo Region.

The laid-off staff accounts for about 10 per cent of the local workforce.

"This has been a difficult decision and we are committed to helping the impacted employees with this transition," said CEO Karen Gavan in a press release.

"We are appreciative of the contributions they have made to the company and wish them well as they move forward."

In total, 143 positions across the country have been cut at the Waterloo-based firm.

Dean Bulloch, Economical's senior vice president and chief human resources officer, told CBC News the local layoffs in Waterloo Region were mainly in the company's information technology and underwriting departments.

"Economical is taking proactive measures to streamline our costs and improve our overall productivity, so we can deliver our products and services in a more competitive and efficient manner," said Bulloch.

The last round of layoffs was in Oct. 2012, when 95 workers in the region lost their jobs as part of a Canada-wide reduction of 145 positions.

Bulloch said that no further cuts to staff are planned at this time.