Keyword
Office of the Superintendent of Financial Institutions
What industry-wide claims ratios were like for the first half of 2021
August 30, 2021 by Greg MeckbachCanada’s federally-regulated property and casualty insurers collectively made an after-tax profit of $4.23 billion on direct written premiums of nearly $32 billion during the first half of 2021, recently-released regulatory data shows. Most major lines had claims ratios below 55%.…
Why solvency regulator is concerned about ‘black box’ underwriting
December 4, 2019 by Greg MeckbachConcerned about whether “black box” underwriting methods based on artificial intelligence are good for your clients? So is Canada’s federal insurance regulator. “We get a lot of questions around AI and what are we to do about it,” said Neville…
When OSFI will talk to industry about draft reinsurance rules
November 29, 2019 by Greg MeckbachThe 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…
OSFI’s ticking time bomb
November 1, 2019 David Gambrill, Editor in ChiefCanada’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?
Reinsurance Protectionism
January 4, 2019 David Gambrill, Editor-in-ChiefWill OSFI proposals take the “global” out of global reinsurance?
Power of Small
November 2, 2018 David Gambrill, Editor-in-ChiefCanada’s reinsurance marketplace, featuring a relatively small piece of the global premium pie, creates a challenge for reinsurers to grow their business. So why do reinsurers remain optimistic about their future prospects?
Regulatory Reform
October 26, 2017 Brian Reeve, Partner, Cassels Brock & Blackwell LLPInsurance regulatory frameworks are becoming disrupted as new technologies and the rise of social media are changing the way insurance is bought and sold.
Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR
August 9, 2017 by Canadian UnderwriterIn a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
Investment income doubles for Canadian P&C industry: MSA
June 27, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest.…
OSFI publishes draft 2018 version of Minimum Capital Test for federally regulated P&C insurers
June 15, 2017 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) on Thursday published the draft 2018 version of its Minimum Capital Test (MCT) for federally regulated P&C insurers. The revised guideline, which will be effective Jan. 1, 2018, provides clarification with…
Relying on government to solve “big shake” problem courts continued procrastination: Tannas
May 25, 2017 by Angela StelmakowichThe potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”…
PACICC to participate in federal government’s review of insolvency legislation next year
April 18, 2017 Jason Contant, Online EditorThe Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a century. The Winding-up…