OSFI Remarks at the 2013 P&C Insurance Invitational Forum by Superintendent Julie Dickson

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Remarks by Superintendent Julie Dickson, Office of the Superintendent of Financial Institutions Canada (OSFI), at the 2013 P&C Insurance Invitational Forum (Cambridge, Ontario; June 6, 2013.)

Cambridge, ON (June 6, 2013) – In my last P&C speech eight months ago, I said the industry report card was relatively good. These good grades were helped by strong underwriting income, the previous year’s mild winter, and favorable impacts of Ontario automobile insurance reforms.

Lately, though, some clouds have moved in. First of all, we had a normal Canadian winter. And second, we have seen changes in the area of Ontario auto insurance – a market we pay a lot of attention to at OSFI because it can make or break results for a company and can even impact its solvency. Given the nature of this insurance product, it must be incredibly well managed by P&C companies.

That is why we, at OSFI, often focus on the industry’s actions in such markets. We also focus on rate regulation, which is quite important in this industry.

  • Ontario’s Auto Insurance Market
  • The Role of ORSA
  • Capital
  • Low Interest Rate Environment
  • Guidelines and Risk Management


Not for the first time, the property and casualty insurance business in Canada is facing a challenging environment: uncertainty in the Ontario insurance market and continuing low interest rates require careful management of risks.

OSFI believes that Own Risk and Solvency Assessments, Minimum Capital Tests and the Corporate Governance Guideline will help companies manage their risks appropriately. Developed in consultation with the industry, these risk management tools will contribute to the ongoing health and stability of Canada’s federally regulated property and casualty insurance companies, whether large or small.

→ Read the full transcript (PDF).

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