One of the largest catastrophe risks facing Canadians is the potential for a major earthquake in either British Columbia or Quebec, both seismically active regions.  This article, from the 2013 Q2 issue of the MSA Research Quarterly P&C Outlook Report, published in September, 2013, summarizes the regulatory initiatives proposed by the Office of the Superintendent of Financial Institutions (OSFI) in 2013 designed to guide the Canadian property and casualty insurance industry in their operational and financial preparation and planning for such an event.  Revised Guideline B-9 and the Memorandum for Consultation describing the Draft Revisions to Earthquake Financial Resource Formula and Earthquake Data Collection Form are discussed.

Tweaking the Earthquake Regulations

Graham Segger