The Insurance Bureau of Canada and the Centre for Study of Insurance Operations held their respective annual general meetings this week – and each had their own perspective on the year that was, and what is coming for 2014.
One of the big takeaways from yesterday’s IBC AGM was the multi-million dollar savings from the Office of the Superintendent of Financial Institutions (OSFI) proposed capital framework.
“The industry was able to gain a $400 million reduction in industry-wide capital requirements from OSFI’s original proposed capital framework,” said IBC Board Chair Charles Brindamour, adding that by addressing critical taxation issues and negotiating a revised Probable Maximum Loss formula for earthquake with OSFI, “that will result in substantial industry-wide savings in capital.”
Echoing Brindamour’s remarks, IBC President and CEO Don Forgeron stressed the need for government engagement on catastrophic loss – and especially on developing a national Natural Catastrophe strategy.
“We are developing a Natural Catastrophe strategy that recognizes that natural disasters are closely connected,” said Forgeron. “We need an all-encompassing solution that includes a comprehensive approach to disaster risk management. It also includes a potential government-funded backstop for various types of disasters, including flood and earthquake. We are not there yet, but we are making steady progress.”
CSIO, Canada’s industry association of P&C insurers, brokers and software providers, held its AGM and member reception on Tuesday at the Royal York Hotel in Toronto. (continued.)
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In addition to the CSIO board members were representatives from brokerages, insurers and software providers from across Canada.
CSIO Chairman Steve Whitelaw facilitated the meeting, noting,“our members have clearly benefitted from the diligent efforts made by the CSIO team in 2013 to establish a sustainable foundation and high performance organization,” CSIO Chairman Steve Whitelaw told the attendees, “I look forward to our continued efforts to lead CSIO towards our shared vision for the organization through 2014.”
Some of these 2013 achievements were highlighted in a video that features Catherine Smola, President & CEO of CSIO, and various volunteers and industry stakeholders.
As part of its push to encourage the adoption of eDocs, awards were handed out to those companies who successfully achieved CSIO Certification for eDocs, demonstrating their commitment to the consistent implementation of standards-based solutions across the industry.
