- Newslink Global Insurance Trends-Editor's Weekly Overview
- Allianz receives approval from the China Banking and Insurance Regulatory Commission(CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company
- Allianz and Microsoft Corp announce strategic partnership focused on digitally transforming the insurance industry
- Allianz announces senior management appointments
- Swiss Re sigma latest report says driven by strength in emerging Asia, insurance markets will grow despite weakening global economic growth
- EIOPA welcomes the adoption of the first global frameworks for supervision of internationally active insurance groups
- GlobalData says Europe’s insurance industry saw a drop of 4.6% in overall deal activity during Q3 expired
- GFIA publishes latest Annual Report expired
- PRA publishes PS25/19-"Solvency II: Maintenance of the transitional measure on technical provisions" expired
- Alliance of stakeholders representing the automotive aftercare market, which includes insurers, calls on EU policymakers to put forward legislation by 2020 to ensure a genuine level-playing field for remote access to in-vehicle data. expired
- RAC becomes a strategic investor in London-based InsurTech Wrisk-both trialling a mileage-based car insurance product which enables customers to only pay for the miles driven each month, plus a flat fee for when their cars are parked expired
- Praedicat announces plan to develop a revolutionary new insurance product designed to help global industrials secure coverage for innovative and essential products and chemicals that are typically excluded or under-insured in standard coverage-the first casualty insurance product to be developed in the Lloyd’s Lab expired
10th July 2019
GFIA comments on proposals by Canadian Superintendent of Financial Institutions(OSFI) to limit the ability of insurers to use reinsurance
Proposals by the Canadian Superintendent of Financial Institutions(OSFI) to limit the ability of insurers to use reinsurance would require firms operating in Canada to more than triple their current capital base.
This would significantly increase the cost of insurance in Canada and reduce overall insurance capacity, according to a letter from the Global Federation of Insurance Associations (GFIA), which expressed serious concerns about a discussion paper on OFSI’s reinsurance framework.
Global insurance and reinsurance groups that currently serve Canadian customers have expressed alarm at the proposals. When groups tested the effect of the policy limit rule recently, at OSFI’s request, it became clear that the rule would create an estimated $21-$30bn CAD capital gap.
In addition, counter to OSFI’s stated philosophy of avoiding too much concentration of reinsurance risks in one place or in one reinsurer, the proposed capital requirements could potentially result in a heavier concentration of reinsurance risk within Canada.
GFIA Trends(30 articles)