WATERLOO, ON, Dec. 1, 2016 /CNW/ - Economical Insurance was honoured as P&C Insurer of the Year at the 2016 Insurance Business Awards held in Toronto on November 30. The award recognizes the insurer that provides top-tier property & casualty insurance products to consumers and businesses in Canada. The judges' key considerations for this award were standout achievements, revenue growth during the year, overall customer service and stakeholder engagement. "This award recognizes our bold strategy and amazing people. It sets us up well for 2017 and acknowledges that we're making all the right moves in an industry on the cusp of significant change," said Rowan Saunders, President and CEO of Economical Insurance. Investments in innovation, technology, customer service, and operations underpin the future of Economical, a company that is poised to grow, invest, expand, and deliver value to broker partners and customers. "Economical is an insurer with significant momentum," added Saunders. "We are recalibrating the company for what customers, brokers and the market demand. Our ambitious strategy supports our vision to be one of Canada's top property and casualty insurers, recognized for our business innovation and how well we take care of our customers. Following a successful demutualization, we will introduce the market to a strong, independent Canadian insurer in a financial services industry known for stability and consistency of return."