- Newslink Global Insurance Trends-Editor's Weekly Overview
- S&P Global Ratings publishes new report-"A Look At Our Ratings On The Top 12 Global Multiline Insurers After Application Of Our New Criteria"
- Aon publishes new report-"Prepare for the expected: Safeguarding value in the era of cyber risk"
- FCA steps up efforts to ensure firms are getting ready for a no-deal Brexit
- Insurance Europe and the CFO Forum have issued a joint call for further improvements to be made to the International Financial Reporting Standard (IFRS) 17—insurance contracts
- J.D. Power latest survey indicates that 74% of US homeowners insurance customers believe the industry needs improvement, with 13% of customers indicating that “radical improvement is needed"
- RMS estimates insured losses from Hurricane Dorian to the US will be between $500m and $1.5bn expired
- EMC to implement Guidewire solutions expired
- Rothesay LIfe expect a record year for new business expired
- RSA merges Commercial Risk Solutions(CRS) and Global Risk Solutions(GRS) expired
- Suncorp appoints Johnston CEO expired
- Charles Taylor Managing Agency(and its associated companies) acquired by Premia, subject to regulatory approval 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)