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Business and Economics > Insurance

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Cover IMF Staff Country Reports
Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
The Financial Sector Assessment Program (FSAP) conducted a focused review of insurance regulation and supervision in Belgium. This technical note (TN) provides an update on the insurance sector and highlights risks and vulnerabilities. It analyzes key aspects of regulatory and supervisory oversight: supervisor; the solvency framework; supervision (micro and macro); changes in control and portfolio transfer, reinsurance; conduct of business and group supervision and supervisory co-operation and co-ordination. Belgium has adopted a twin peaks model of regulatory oversight and supervision. The National Bank of Belgium (NBB) is responsible for prudential supervision at both a micro and macro level whilst the Financial Services and Markets Authority (FSMA) is mandated with conduct of business supervision. The analysis focuses on supervision within the scope of the NBB’s and the FSMA’s mandates. The TN comments on progress in respect of the implementation of recommendations made by the previous FSAP and offers further recommendations to strengthen the regulatory and supervisory regime.
Keywords:
risk assessment framework; pre-emptive conduct supervision; conduct risk; group supervision; NBB's role; Insurance companies; Insurance; Mortgages; Financial Sector Assessment Program; Solvency; Global
Cover IMF Staff Country Reports
United Kingdom: Financial Sector Assessment Program-Systemic Stress, and Climate-Related Financial Risks: Implications for Balance Sheet Resilience
International Monetary Fund. Monetary and Capital Markets Department
The FSAP started in an important macro-financial phase right after the second Covid wave and a third lockdown. The balance sheet resilience of major institutional sectors was at the center of policy considerations. Against this backdrop, the FSAP analyzed the pandemic’s potential “scarring” of banks, insurers, corporates, and households balance sheets, focusing on the interplay of macro-financial/structural conditions and financial vulnerabilities.
Keywords:
bank solvency stress test result; fair value; resolvability Assessment framework; D. solvency stress tests result; feedback effect; Macroprudential solvency stress tests; Mortgages; Insurance companies; Stress testing; Insurance; Credit; Global
Cover IMF Staff Country Reports
Canada: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
Keywords:
ISCR; CR; housing market; financial system; credit risk; government bond; capital ratio; IMF staff estimate; real GDP; foreign currency; mortgage lending; Mortgages; Housing prices; Insurance; Insurance companies; Systemic risk; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Financial System Stability Assessment on Switzerland. Stress tests indicate that the Swiss banks are robust against even severe shocks. Banks have increased their capital, and the two global banks have achieved substantial deleveraging. Swiss Financial Market Supervisory Authority has focused on significantly improving the quality of its supervision. Real estate bubbles appear to be emerging. With monetary instruments not available, macroprudential instruments are being introduced, but so far are limited and untested. Interest rates are negative at some maturities, threatening the business models of life insurance and pension companies.
Keywords:
ISCR; CR; bank; FINMA; Switzerland; cantonal bank; capital; interest rate; bridge bank power; banking sector; bank governance; securities activity; exchange rate; bank intervention; TBTF bank; senior debt; wealth management bank; Insurance companies; Stress testing; Commercial banks; Insurance; Systemic risk; Global
Cover IMF Working Papers
With Great Power Comes Great Responsibility: Macroprudential Tools at Work in Canada
Mr. Ivo Krznar
and
Mr. James Morsink
The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented since 2010 were associated with lower mortgage credit growth and house price growth. The international experience suggests that—in addition to tighter loan-to-value limits and shorter amortization periods—lower caps on the debt-to-income ratio and higher risk weights could be effective if the housing boom were to reignite. Over the medium term, the authorities could consider structural measures to further improve the soundness of housing finance.
Keywords:
WP; mortgage; LTV; loan; LTV ratio; housing market; mortgage insurance; macroprudential regulation; risk weight; mortgage credit; housing loan; guarantee cover; Mortgages; Loans; Housing prices; Housing; Credit; Global
Cover IMF Staff Country Reports
Canada: Financial Sector Stability Assessment
International Monetary Fund. Western Hemisphere Dept.
This report discusses key findings of the Financial Sector Stability Assessment on Canada. Canada’s financial system successfully navigated the global financial crisis, and stress tests suggest that major financial institutions would continue to be resilient to credit, liquidity, and contagion risks arising from a severe stress scenario. Elevated housing prices and high household debt remain an area of concern, though targeted prudential and macroprudential measures are proving to be effective. The regulatory and supervisory framework is strong, and is complemented by a credible federal system of safety nets.
Keywords:
ISCR; CR; bank; Augment OSFI; financing; market; short term; financial crisis; net income; ABCP industry; mutual fund; intervention framework; capital requirement; banking system; market share; holding company; Insurance; Mortgages; Stress testing; Insurance companies; Global; Caribbean
Cover IMF Staff Country Reports
Canada: 2013 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
This Informational Annex highlights the Canadian authorities’ free-floating exchange rate regime. The exchange rate regime is free from exchange restrictions and multiple currency practices. The Canadian authorities do not maintain margins with respect to exchange transactions. However, the authorities may intervene to ensure orderly conditions in the exchange market. There are no taxes or subsidies on purchases or sales of foreign exchange. Canada’s exchange system is free of restrictions on the making of payments and transfers for current international transactions. Canada also maintains exchange restrictions for security reasons, based on UN Security Council resolutions reported to the IMF for approval.
Keywords:
ISCR; CR; staff appraisal; investment outlook; sales expectation; stability assessment; IMF staff estimate; Mortgages; Housing prices; Health care spending; Insurance; Exports; Global
Cover IMF Staff Country Reports
Canada: 2012 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
After recovering rapidly from the Great Recession, the Canadian economy has slowed down in 2012. Growth weakened in the first three quarters of 2012, and recent indicators have suggested that the pace of economic expansion remained subpar in the fourth quarter. The fiscal policy has continued to be a drag on growth, as the stimulus is being withdrawn. These have been only partly offset by an improvement in financial conditions in 2012. Growth is expected to gain new momentum over 2013.
Keywords:
ISCR; CR; government; economy; Canada; government Finance Statistics Manual; housing sector; stability assessment; market expectation; IMF staff estimate; household leverage; X. exchange rate arrangement; Housing prices; Insurance; Fiscal stance; Global
Cover IMF Staff Country Reports
Kingdom of Netherlands: Netherlands: Financial System Stability Assessment
International Monetary Fund
The Netherlands has been heavily affected by the global financial crisis. The “Twin Peaks” supervision model, with Netherlands Central Bank - De Nederlandsche Bank (DNB) as the prudential supervisor, and the Authority for Financial Markets (AFM) responsible for conduct-of-business supervision, was severely tested, although the case for the model remains strong. The crisis has shown that these institutions bring sizable risks, which requires careful and comprehensive monitoring and supervision. The findings of the Financial Stability Assessment Program (FSAP) are summarized. Top-down stress tests were conducted. Supervisory colleges are an important innovation to reinforce home-host coordination for supervisors of large complex financial institutions (LCFIs).
Keywords:
ISCR; CR; bank resolution operation; insolvent bank; restructuring transaction; financial system; interest rate; holding company; bank resolution; central bank; bank access; pension line; Pension spending; Insurance; Bank resolution; Housing prices; Financial sector stability; Global; Europe
Cover IMF Working Papers
Canadian Residential Mortgage Markets: Boring But Effective?
Mr. John Kiff
Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.
Keywords:
WP; covered bond; loan; bank; mortgage rate; closed mortgage; rate; Housing; mortgage; regulations; rate lock-in; borrower mortgage accessibility; cost comparison; mortgage market; fixed-rate mortgage; covered bond program; bank lender; securitization rate; loan quality; mortgage insurer; mortgage accessibility; Fixed-Term mortgage rates; Mortgages; Loans; Residential mortgages; Covered bonds; Insurance; Europe