Economical Insurance cutting jobs in Waterloo

The offices of Economical Insurance are seen in Waterloo, Ont. on Tuesday, Oct. 23, 2012.

Most of the 145 jobs cut across Canada by Economical Insurance are being lost in Waterloo.

About 10 per cent of the local workforce, or 95 jobs, will be cut at the company’s Waterloo office.

All the job losses are taking place at 14 of the company’s 17 offices across Canada and range from administrative assistants through to senior managers.

Karen Gavan, president and CEO of Economical Insurance, says the layoffs are needed to increase profitability.

“The world is changing out there dramatically fast and we need to keep up. We needed to do this to make us more efficient and productive going forward…to be more competitive.”

The company says all employees received severance packages and career transition services.