Canada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been…
If an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the potential to reduce the impact of a…
The Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance industry veteran predicted last week. “I believe OSFI will…
Despite signs of hardening in certain reinsurance markets, and certainly in the primary market, general third-party liability treaties represents a silver lining in the cloud. “Many general third-party liability treaties are ancillary to traditional property treaties and have generally remained…
Reinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy…
Validus Reinsurance Ltd. has established a branch office in Toronto with Heather Legg as its new chief agent, parent company American International Group Inc. announced Thursday. Legg, currently a senior vice president at Validus, is a former senior executive with…
Policies that don’t specifically include or exclude cyber losses (“silent cyber”) have long been a concern of insurers, but you’d think a data breach loss would be covered by a cyber policy, right? Not always. The devil is sometimes in…
Global insurers are starting to withdraw from providing insurance coverage to the oil sands, which accounts for about two-thirds of Canadian oil production. What this means for your clients in the oil and gas sector…
The federal insurance regulator – silent during the election campaign on proposed changes to reinsurance – plans to talk to the industry after the holidays, a senior official with the federal Office of the Superintendent of Financial Institutions (OSFI) said…
Reinsurers bore a large portion of the Fort McMurray wildfire losses. Now, they want better data on Canada’s high-risk areas
Canada’s solvency regulator and the property and casualty insurance industry are working to defuse a potentially explosive situation – one that could
see global reinsurance capital fleeing from Canada. What will be the outcome of this ticking regulatory time bomb?
It appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office of the Superintendent of Financial Institutions (OSFI) has made it…