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OSFI
$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…
OSFI provides guidance on reporting cyber incidents
February 12, 2019 by Jason ContantMonths after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an…
Is the sun setting on auto insurance in Canada?
June 20, 2018 by David GambrillIs the sun setting on auto insurance as a dominant line of business in Canada? Property lines premium is catching up to auto insurance premiums, causing many to predict that auto insurance will recede in the rearview mirror over the…
Ugly trend in auto claims so far this year: OSFI data
May 30, 2018 by David GambrillFederally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator.…
Economical’s demutualization fraught with uncertainty
May 8, 2018 by Greg MeckbachIt’s been more than two years since Economical Insurance’s mutual policyholders voted in favour of demutualization and it’s not clear how much longer the process will take – assuming it happens at all. “This process was much more complex and…
Economical policyholders reach demutualization agreement in principle
February 9, 2018 by Greg MeckbachEconomical Insurance appears to be a step closer to demutualization, but a conversion proposal has been held over until June 30, Economical said Thursday. A proposal to convert Waterloo, Ont.-based Economical to a stock company was originally due to the…
Who owns the surplus if a mutual company demutualizes?
January 9, 2018 by Jason ContantIn the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion. “The Insurance Companies Act and associated…
Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 Jason Contant, Online EditorReinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including…
What OSFI expects insurers to know about reinsurance
November 30, 2017 Jason Contant, Online EditorWhile the Office of the Superintendent of Financial Institutions (OSFI) expects federally regulated insurers (FRIs) to comply with its guideline on reinsurance, it realizes that “this guidance was not always well-understood by the industry and [has] identified opportunities to clarify…
Will nat cats increase product pricing in Canada?
November 28, 2017 Jason Contant, Online EditorIncreases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price 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…
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…