The GFIA (Global Federation of Insurance Associations) criticizes the capital rules proposed by the Canadian Office of the Superintendent of Financial Institutions (OFSI). If approved, the P&C insurance groups that operate in the country to be fully capitalized in three extremely adverse stress scenarios. For the GFIA, these scenarios are too hard and this can lead to a lack of coverage in Canada.
Specifically, the GFIA warns of a possible shortage of capacity in industrial risks, such as aviation, the nuclear energy, oil, gas and major projects of construction.
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https://www.grupoaseguranza.com/noticias-de-seguros/canada-endurece-requisitos-capital-para-seguro
