Property and Casualty Insurance Compensation Corporation

ICYMI: Is Your Money Safe? Watch this video from Steph and Den as they explain how you can ensure your deposits are protected and how compensation plans safeguard the financial well-being of Canadians. https://lnkd.in/e_GrBFfj Bank of Canada Office of the Superintendent of Financial Institutions Canada Finance Canada / Finances Canada Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada Autorité des marchés financiers (Québec) Canadian Investor Protection Fund (CIPF) Assuris (Canada) Property and Casualty Insurance Compensation Corporation CUPSA

The Property and Casualty Insurance Compensation Corporation (PACICC) welcomes Jeffrey Stewart, CPA as its new Vice President, Finance, effective December 2, 2024. He will report to the President and CEO of PACICC, Alister Campbell. Jeff has a proven track record with two large organizations in the financial services sector. He is a Chartered Professional Accountant, with expertise in capital management, reinsurance, data analysis, risk management and internal controls. Said PACICC CEO Alister Campbell, “We are delighted to welcome Jeff and the talents that he brings to the PACICC team. This is an exciting time for our organization, as we continue on our modernization journey. Jeff’s finance background in banking and life insurance will enhance our staff skills inventory, as we work to enhance our resolution capabilities and expand our financial capacity. He will also play a key role in our ongoing efforts to mitigate systemic risk in the industry.” A long-time resident of Montreal and fully bilingual, Jeff will continue to reside in Quebec and work with the rest of the PACICC team on a hybrid basis.

PACICC is one of a number of organizations that exist to ensure protection for financial services consumers like you. Learn more about Canadian Consumer Protection for Financial Institution Failures. The website link below assists you in better understanding how compensation plans safeguard your financial well-being. The collective strength of the protections offered by these organizations provides you with added confidence and peace of mind when planning a future for you and your loved ones. Assuris (Canada) Autorité des marchés financiers (Québec) Canada Deposit Insurance Corporation (CDIC) | Société d'assurance-dépôts du Canada (SADC) Credit Union Prudential Supervisors Association (CUPSA) https://lnkd.in/gkkh3Xj7

A video of PACICC’s October 31st Emerging Risks Webinar titled The Risks of Per- and Polyflouroalkyl Substances (PFAS) is now available. Speakers: Technical Director Economic and Complex Analytics Practice Roux Dr. Chase Gerbig Principal Engineer Roux https://lnkd.in/d7v5tfrc

Insurer failures can happen anytime, anywhere! Alister Campbell, CEO of Property and Casualty Insurance Compensation Corporation, emphasizes this in the latest Global Failed Insurer Catalogue, detailing 568 failures since 2000. https://hubs.la/Q02TT9RP0

I spent last week with a group of similar minded passionate and dedicated individuals, all with the responsibility to protect policyholders when insurance companies fail. Failure is something regulators don’t really like to talk about despite supervisory regimes not being zero failure regimes. When insurers do fail it takes collaboration and support from insurance guarantee schemes and those with resolution mandates to help provide the best solution and protection for policyholders. That’s why the sharing of best practice in this field is so important for policyholder protection. I’d like to thank the Consorcio de Compensación de Seguros for hosting such an insightful event and to those who attended from Assuris (Canada), Property and Casualty Insurance Compensation Corporation, the Financial Services Compensation Scheme, the Central Bank of Ireland and Sara Manske for sharing their expertise and experience. If you’re in a jurisdiction which has a compensation scheme or is looking to set one up, or who is being impacted by the EU’s IRRD then the International Forum of Insurance Guarantee Schemes can offer invaluable support. Check out: https://ifigs.org/

The Second Edition of PACICC's Global Failed Insurer Catalogue (GFIC) is now available. This 21-page study, co-authored by PACICC Chief Economist Grant Kelly and Research Associate Zhe (Judy) Peng, is a landmark research initiative. The updated report now records an astonishing 568 insurers that have failed in 57 different jurisdictions around the world – just since the year 2000. The full list of failed insurers can also be found on the PACICC website. Author Kelly warns that the updated study reveals that clusters of insurer failures often occur after a significant period of calm. “It is critical never to assume that, because an insurer has not recently failed in your home jurisdiction, it never will,” he warns. “Our research identified seven jurisdictions that had their periods of calm interrupted by 13 new failures…in just the past 12 months. It should serve to remind all stakeholders in the financial services sector of the risks of complacency.” We hope that you find this report both sobering and insightful. https://lnkd.in/eWhrat-B

The 27th issue of Solvency Matters is now available! It features an article from PACICC’s President and CEO Alister Campbell, a guest article from Steve Leung and Margaret Orlander from the Canadian Council of Insurance Regulators, a second guest article from T.E. Hobbs, PhD, MSCE, Research Scientist, Geological Survey of Canada, Adjunct Professor, The University of British Columbia, Adjunct Professor, University of Victoria, and more! https://lnkd.in/eYDgJR9V

In this morning’s email: Mark Zelmer, a senior fellow at the C.D. Howe Institute, argues that Canada should prepare for a higher risk of bank runs in the future, since "emerging clouds on the horizon" suggests Canada may need to rethink the existing checks and balances within the financial system. The Property and Casualty Insurance Compensation Corporation (PACICC) warns that a cluster of insurer failures (defined as three or more failures within three years) assessed at more than $3 billion would trigger systemic issues for Canada’s P&C insurance industry. Some recent moves and promotions: Bernard Boucher has joined LCM Attorneys Inc. | LCM Avocats inc. in Montréal as a Partner. Bernard was previously with Blake, Cassels & Graydon LLP. Jacqueline Shellon, CPA, CIRP, LIT has been promoted to Director, Deal Advisory, Turnaround & Restructuring at KPMG Canada. Check out our website and subscribe here: https://lnkd.in/g-2rpzud

Check out the latest issue of our newsletter – https://lnkd.in/gnA3pTXM – and share it with your network! #AssurisNewsletter #LifeInsurance #HealthInsurance #PolicyholderProtection #FinancialSecurity