Peter Routledge participates in a fireside chat at the National Insurance Conference of Canada 2026

Speech - Québec City - September 28, 2026 Check against delivery You have been proponent of a federal solution for resolving systemic earthquake risk in the insurance sector. PACCIC's tabletop exercise clearly demonstrated the financial risk to regulators across the country and drove home the need for a solution. The federal government is there as well. Can you explain why you view such a solution as necessary and what OSFI's role in complementing such a solution might be? Superintendent Peter Routledge: The federal government has made competitiveness and economic growth key priorities and, in Budget 2025, committed to streamlining regulation, reducing regulatory burden, improving coordination among regulators, and unlocking more private capital to support investment. As Canada's prudential regulator, what role do you see OSFI playing in advancing that agenda while continuing to maintain strong prudential oversight and financial stability? Superintendent Peter Routledge: In your speech to the Economic Club of Canada a few weeks ago, you spoke about re-evaluating OSFI's risk appetite against the new reality in which we live. Can you share your thinking on how your risk appetite will evolve and what my industry can expect to see? Superintendent Peter Routledge: As AI becomes more deeply embedded across the financial sector, how does OSFI balance fostering innovation and competitiveness with maintaining prudential oversight and financial stability? Superintendent Peter Routledge: Superintendent, you've got two years left of your seven-year term and I'm wondering if you have thought about your legacy and what you've achieved? Can you share how you're thinking about that, the OSFI you inherited compared to today, and what you hope to achieve in the next two years? And, adding to that, what should we all be thinking about beyond those two years – what are the risks you're most concerned about? Superintendent Peter Routledge: Over the last two years, we have seen a renewed interest in oil and gas expansion from the federal government and a shift in public opinion toward supporting more investment in things like pipelines. Much of this is due to the geopolitical situation and economic uncertainty, and the desire to invest more in the Canadian economy and build on one of our strengths which is our natural resources. The issue of climate change has received lots of attention over the past decade and OSFI's B-15 guideline was your foray into that issue and managing climate risks. Insurers now have to disclose "insured emissions" publicly, for example. However, in this current context where the pendulum has swung back toward investment in oil and gas capacity, do you see a risk of B-15 requirements creating barriers to new investment or products like insurance? How can industry, regulators, and government balance these competing priorities? Superintendent Peter Routledge: IBC and the industry have been engaging with OSFI on the continued evolution of Canada's reinsurance framework as catastrophe risks become more frequent and severe. We welcomed OSFI's recent decision to recognize natural catastrophe bonds as an additional form of risk transfer. Looking ahead, how do you see Canada's prudential framework continuing to evolve to support the effective and practical use of both traditional and emerging forms of risk transfer, while maintaining strong prudential safeguards and ensuring Canada remains an internationally competitive jurisdiction for global reinsurance capacity and capital? Superintendent Peter Routledge: