- Allianz Risk Barometer ranks Cyber incidents as most important business risk globally
- Jonathan Moss, head of marine and trade at DWF, comments on the impact that the ensuing Middle Eastern crisis is having on the insurance market
- S&P Global comments on Solvency II 2020 review
- Insurance Europe expresses serious concerns about the review currently being undertaken of the PRIIPs Regulatory Technical Standards (RTS)
- Gallagher finalises 100% interest in Capsicum Re
- Spiegel appointed to take over as Executive Chairman from Randall at R&Q
- Pro Global appoints Lewis as CEO expired
- Duck Creek expands its Partner Ecosystem program through a new relationship with Gradient AI expired
- FRISS appoints Zijderveld as Chief Commercial Officer expired
- The Co-operators chooses Guidewire InsuranceSuite Cloud to power its core operations expired
- Safety Insurance Group selects Guidewire ClaimCenter solution expired
- Insurity moves for SpatialKey expired
11th September 2019
GFIA continues to raise serious concerns about proposed capital rules from the Canadian Office of the Superintendent of Financial Institutions (OFSI)
The Global Federation of Insurance Associations(GFIA) has again raised serious concerns about proposed capital rules from the Canadian Office of the Superintendent of Financial Institutions (OFSI), which the industry fears could lead to a lack of coverage in Canada.
Proposed rules from the OSFI would require P&C insurers to be fully capitalised against three extremely remote loss scenarios. However, the stress scenarios are far too extreme and the capital gap is too large to be afforded by these companies.
The ultimate outcome could be a shortage of capacity for specialised types of risks and industries, such as aviation, nuclear, oil and gas, and large construction projects.
GFIA Trends(31 articles)