2015 ORSA Outlook

Canadian insurers recently completed the preparation of their first management report covering their Own Risk and Solvency Assessment (ORSA), as required by the Office of the Superintendent of Financial Institutions’ (OSFI). Completing their first year under the OSFI ORSA principles is only the beginning of Canadian insurers’ evolutionary ORSA journey. To learn how Canadian insurers found their first year under ORSA, Deloitte conducted a survey in late 2014. A number of industry insights have been drawn from the survey responses and are discussed in this 2015 ORSA Outlook.

Evolving the ORSA journey requires each insurer to continually assess its existing practices and processes against the principles outlined in the OSFI ORSA Guideline. As insurers continue to evolve their ORSA practices during 2015 and beyond, they should be reflecting on and challenging the quality of not only their ORSA processes and ORSA report, but how well ORSA is embedded in business as usual operations. 

Our 2015 ORSA Outlook highlight Deloitte’s view of the insurance industry’s ORSA way forward to achieve alignment with the ORSA principles encapsulated in the OFSI ORSA Guideline as well as how ORSA can deliver tangible business benefits.

For more information on the Deloitte Year One into ORSA Survey please contact us at cafinancialservices@deloitte.ca.