Canadian Underwriter


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News Commercial LinesInsuranceLegislation / RegulationMarkets / CoveragesTechnology

Quantum computing: How could it be regulated?

January 16, 2024 by Jason Contant

Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and

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News Earnings / RatingsInsurance

No comparison: Industry’s Q2 results under IFRS 17

September 6, 2023 by David Gambrill

Federally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely

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News InsuranceLegal

Industry input sought on new crypto-asset guidance

July 28, 2023 Philip Porado

While industries seldom relish regulation, Canada’s property and casualty (P&C) insurers can take solace in the knowledge that draft rules around their exposure to crypto-assets are limited. That’s because the latest Office of the Superintendent of Financial Institutions (OSFI) draft

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News Climate ChangeInsuranceLegislation / Regulation

OSFI calls for detailed reporting of insurers’ climate risks

July 12, 2023 by David Gambrill

Canada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between

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News InsuranceMarkets / CoveragesReinsuranceRisk

OSFI to review earthquake risk and minimum capital tests 

May 25, 2023 by Jason Contant

Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week.  Earthquake

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News AssociationsBrokersCommercial LinesInsuranceMGAsRisk

How insurers will handle new third-party risk-management guideline

May 18, 2023 by Alyssa DiSabatino

Canada’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

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News BrokersInsuranceLegalLegislation / RegulationRisk

What the industry says about regulator’s draft corporate culture guidance

March 7, 2023 David Gambrill

Canada’s solvency regulator has refined its proposed guidance on corporate culture for P&C insurers, and it’s now consulting with the industry about its expectations. The Office of the Superintendent of Financial Institutions (OSFI) was scheduled to have a technical briefing

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News Climate ChangeInsuranceLegislation / RegulationRisk

How OSFI expects insurers to manage climate-related risks

March 7, 2023 by Alyssa DiSabatino

Canada’s federal solvency regulator wants, among other things, P&C insurers to develop and implement a plan to maintain operations during climate-related disasters, climate scenario analysis as a part of their stress testing, and metrics on their greenhouse gas (GHG) emissions. The

IFRS 17 accounting standard
News AnnouncementsInsuranceLegalLegislation / Regulation

What the IFRS 17 temporary adjustments mean for insurers

February 24, 2023 by Alyssa DiSabatino

The International Financial Reporting Standards 17 (IFRS 17) is now in place, but a temporary adjustment to the regulatory prudential limits related to investments, commercial lending and borrowing for P&C insurance companies will allow federally regulated insurers (FRIs) two years

IFRS 17 accounting standard
News Earnings / RatingsInsuranceLegislation / RegulationMarkets / Coverages

How ready are Canadian insurers for IFRS 17?

November 30, 2022 by Jason Contant

Canadian insurers appear to be in a ‘pretty good place’ when it comes to implementation of the upcoming IFRS 17 insurance accounting standard but Canada’s federal solvency regulator recognizes the change is complex and will be challenging. “Accounting systems are

Rollercoaster of interest rates and inflation
News Earnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesRisk

How OSFI expects insurers to react to market volatility

November 18, 2022 by Jason Contant

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

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News BrokersClaimsInsuranceRisk

Why Marsh is optimistic about the cyber market

July 27, 2022 by Alyssa DiSabatino

Global brokerage Marsh is cautiously optimistic cyber’s hard market will eventually stabilize and insurers will soon be able to reward clients who have strong cyber controls with lower increases. “Market conditions are expected to remain challenging for the foreseeable future