Keyword
Financial Affairs Symposium
Do you know what’s a material change in IFRS 17?
May 26, 2023 by Jason ContantIFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way…
How insurers will handle new third-party risk-management guideline
May 18, 2023 by Alyssa DiSabatinoCanada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said. The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party…
State of emergency continues as wildfires affect interior B.C.
July 13, 2017 by Canadian UnderwriterMining and wood products are among the industries affected by wildfires in British Columbia’s interior, where a state of emergency is in place. Imperial Metals Corp. announced Wednesday that an open pit copper/gold mine 56 kilometres northeast of Williams Lake…
MSA calls for ‘sustainable solution for underinsurance’ in overland flood
June 27, 2017 by Canadian UnderwriterA potential solution to overland flood risk in Canada “could follow” the model of Britain’s Flood Re, MSA Research Inc. suggested in a report released Monday to Canadian Underwriter. Toronto-based MSA released its Quarterly Outlook Report for Q1 2017. In…
Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns
May 2, 2017 Greg Meckbach, Associate EditorInsurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
CIBC economist tells insurers how investment returns could be affected by ‘things that go Trump in the night’
April 26, 2017 Greg Meckbach, Associate EditorInterest rates in Canada are predicted to stay “very low by historic standards” through the end of 2019, an economist recently told insurance professionals, while a “movement against globalization” is a concern for one of Canada’s largest carriers. Avery Shenfeld,…
‘Fresh approach’ needed for Ontario auto insurance: IBC CEO
April 25, 2017 Greg Meckbach, Associate EditorA report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s…
OSFI staff ‘very actively engaged’ in international capital standard for insurers: Zelmer
April 20, 2016 Greg Meckbach, Associate EditorAn international capital standard for global systemically important insurers is “probably not going to have much of an impact on the Canadian p&c industry,” an official with the Office of the Superintendent of Financial Institutions suggested recently, but Canadian insurers…
OSFI working on new capital guideline for mortgage insurers, amendments to guidelines for corporate boards
April 18, 2016 Greg Meckbach, Associate EditorOfficials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent…
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
Reinsurance market has ‘awful lot of choice for buyers:’ Aon Benfield Canada CEO
April 13, 2016 Greg Meckbach, Associate EditorThere has been “very little impact,” on brokers and cedents, from recent mergers and acquisitions in the reinsurance industry, a speaker suggested Wednesday at Insurance Bureau of Canada’s Financial Affairs Symposium. “I think, a little surprisingly, to date there has…