Keyword
OSFI
OSFI posts new guidance on climate risk stress testing
May 26, 2022 by Alyssa DiSabatinoThe Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to…
How reinsurers are helping banks to assess their climate risk
February 24, 2022 by Alyssa DiSabatinoAfter Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he…
OSFI softens stance in new reinsurance guidelines
February 14, 2022 by David GambrillOSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised…
Regulatory changes to foreign entities operating in Canada
November 10, 2021 by Jason ContantForeign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event…
Where the industry stands with OSFI’s redrafted reinsurance rules
November 4, 2021 by Jason ContantWhen the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada…
Regulator expects more frequent volatility in financial sector
September 30, 2021 Ian Bickis - THE CANADIAN PRESSTORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I…
How much Canadian insurers have lost on cyber liability so far in 2021
August 31, 2021 by Greg MeckbachPrivate passenger personal accident insurers have experienced a loss ratio of nearly 70% so far in 2021, while the loss ratio for cyber liability is more than 100%. The federal Office of the Superintendent of Financial Institutions has posted the…
Where insurers stand on OSFI’s reinsurance rules
April 28, 2021 by Jason ContantAlthough proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take…
Bank and insurer dividend hikes, share buybacks won’t return during lockdown: OSFI
January 11, 2021 The Canadian PressTORONTO – The superintendent of one of Canada’s financial regulators won’t consider allowing banks and insurers to hike dividends, offer share buybacks or increase executive compensation until COVID-19 lockdowns have subsided. Jeremy Rudin from the Office of the Superintendent of…
Bank of Canada and OSFI team up for pilot project on climate change risk
November 18, 2020 Jordan Press - THE CANADIAN PRESSOTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech…
What the new reinsurance rules could look like for Canada
February 27, 2020 by Greg MeckbachCanada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been…
One positive trend in the P&C industry’s third-quarter results
November 28, 2019 by David GambrillCanada’s federally-regulated property and casualty insurers appear to be getting a handle on their property lines claims ratios, although auto lines are still in trouble, according to third-quarter industry results released by the country’s solvency regulator, the Office of the…