Summary of remarks to Northwind’s 2020 P&C forum
Speech -
On October 1, 2020, Mark Causevic, Managing Director, Insurance Supervision Sector Insurance Supervision Sector, participated in a roundtable discussion with leading domestic insurance regulators at the Northwind’s 2020 P&C on-line forum.
During the roundtable, Mr. Causevic spoke about the issues in the insurance sector going into the pandemic, the challenges to the sector during the current extraordinary period, and OSFI’s forward policy priorities to continue to support resilient institutions.
In a nutshell, COVID has amplified existing issues and it disrupted plans across the sector to address these issues. We are now cautiously looking ahead to ensure we continue to contribute to resilient institutions and the economy.
Responding to COVID required a refocussing of efforts to support operational capacity and resilience at institutions. Days after the declaration of the pandemic, OSFI announced a series of measures that did just that.
It is clear that institutions have responded well and have remained resilient. Nevertheless, it is equally clear that the environment going forward has become more complex.
Our plans focus on the areas where we see risks developing and are intended to find the right balance of supporting resilient institutions, allowing for competition, and most of all to protect policyholders’ interests.