Summary of remarks by Peter Routledge at the CatIQ Canadian Catastrophe Conference
On February 6, 2024, the Superintendent of Financial Institutions, Peter Routledge, sat down for a fireside chat with Celyeste Power, President & CEO of the Insurance Bureau of Canada, at the CatIQ Canadian Catastrophe Conference.
During the talk, he explained OSFI’s bespoke approach to its role as prudential supervisor and mentioned climate as one of the most high-profile risks in OSFI’s Annual Risk Outlook. He also addressed specific risks to the P & C industry, and what to expect from OSFI this year.
Superintendent Routledge also touched on specific climate risks concerns, particularly heightened risks like floods and earthquakes. He also mentioned OSFI’s renewed mandate which now includes integrity and security.
The Superintendent reiterated that OSFI is a principles-based, forward-looking regulator, and that supervisory judgement is at the heart of its process. He also mentioned that OSFI is currently working on its supervisory framework renewal which will be launched this spring and provide OSFI with greater flexibility to adapt to the different organizations that it supervises.
Finally, Superintendent Routledge emphasized the importance of the continued collaboration between OSFI and federally regulated financial institutions (FRFIs). He concluded by stating that this relationship should be based on information sharing and transparency to better address emerging financial risks, including those related to climate.
“By promoting robust climate risk management and engaging with FRFIs, OSFI will continue its proactive work to preserve public confidence in Canada’s financial system.”