Keyword
NICC
$30-billion sticker shock for OSFI’s proposed reinsurance rules
September 24, 2019 by David GambrillCanada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On…
Canadian auto industry seeing no reduction in accidents, but greater severity: NICC speaker
October 11, 2017 Jason Contant, Online EditorThe Canadian auto industry overall is seeing no reduction in car accidents and “big cost pressures upward on severity coming from both injuries and the repairs of cars themselves,” a speaker suggested last week at the National Insurance Conference of…
OSFI to release reinsurance discussion paper, likely by early next year
October 10, 2017 Jason Contant, Online EditorThe Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference…
Flood mitigation work between insurance industry and federal government continues, NICC hears
October 8, 2017 Jason Contant, Online EditorWhile the federal government understands the problem surrounding flood mitigation in Canada, “we’re not there yet” and the insurance industry and government are still working on a solution, a speaker said on Oct. 3 at the National Insurance Conference of…
Insurance industry prepared to accommodate or address technological challenges: OSFI’s Henderson
October 2, 2017 Jason Contant, Online EditorDespite the constantly changing landscape, ever since insurance has been around, the industry has “accommodated or addressed” these emerging challenges, attendees to the National Insurance Conference of Canada (NICC) heard on Monday. Neville Henderson, assistant superintendent of the insurance supervision…
Flood insurance ‘must be affordable:’ IBAC
December 16, 2016 by Canadian UnderwriterResidential flood insurance should be available and affordable and the government should provide a backstop without being an “insurer of first resort,” the Insurance Brokers Association of Canada said in a document released this week. Personal flood insurance “must be…
Organizations starting to show greater openness to enlisting experts to help with cyber security: NICC speaker
October 1, 2016 Angela Stelmakowich, EditorVANCOUVER – Cyber attackers are becoming increasingly sophisticated – employing better techniques and targeting information that could prove particularly damaging – but that may be balanced by a greater openness to use expertise and not go it alone, it was…
Need to shift from focus on task to focus on customer: NICC speaker
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – Attempts to become truly customer-centric will not be realized until insurers can shift away from an entrenched focus on task that erects barriers to more meaningful customer engagement, Barry Pokroy, leader of Farber Financial Group’s Circle & Square…
Fort McMurray wildfire shares characteristics of 2011 Thai floods and New Zealand quakes: Baker at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at…
Balance crucial for capital requirements on earthquake, OSFI superintendent Rudin says at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – Capital requirements could always be increased to cover an extreme event, such as a huge earthquake in British Columbia, but a balance must be struck, Jeremy Rudin, superintendent of the Office of the Superintendent of Financial Institutions (OSFI),…