Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

Credit: iStock/Marc Bruxelle

The Global Federation of Insurance Associations (GFIA) has warned that 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. GFIA said this would significantly increase the cost of insurance in Canada and reduce overall insurance capacity. In…

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