OSFI gets solid marks in P&C industry survey

The federal regulator for financial institutions received positive feedback in a recent survey of property and casualty insurance companies.

The Office of the Superintendent of Financial Institutions Canada (OSFI) commissioned the poll in late 2011 to explore perceptions of the insurance marketplace and of its role as regulator, with results released June 22.

Overall impressions of OSFI were positive, particularly regarding ratings of the regulator’s performance, willingness to discuss issues of concern and appropriate focus on areas of current and emerging risk in the property and casualty insurance sector.

For example, 67% of respondents were “very satisfied” with OSFI’s role as the principal prudential regulator in Canada (29% were “somewhat satisfied”). In addition, 95% of participants indicated that OSFI’s performance in contributing to public confidence in the financial surveys was “very good” or “good.”

Some areas of improvement were identified in the survey, including less positive ratings for a perceived lack of explanation from OSFI regarding input from the industry on reinsurance and for the effectiveness of the regulator’s communication of international activities.

The Strategic Counsel research firm conducted the survey, which included one-on-one interviews with executives form a cross-section of property and casualty insurance institutions.