June 14, 2018 09:45
In its annual report on the financial institutions, thefinancial markets Authority shows that environmental issues, including natural disasters, floods and climate change, has received particular attention in 2017.
“These issues have motivated us to develop a specific initiative in our strategic Plan 2017-2020 the objective of which is to analyze and quantify the impacts of the risk of earthquakes in Quebec. We pay particular attention to this issue and we contribute to various tables of work with respect to the insurance coverages offered, and the possible consequences arising from risks associated with climate change, ” says Louis Morisset, president and chief executive officer of the Authority.
Among the other challenges that the Authority keeps to the eye, it refers to the evolution of interest rates and their impact on insurance, the indebtedness of households and the access to the real estate market, ” which remained slightly less favourable in 2017 than the historical average “.
4.1% of the jobs in Quebec
By 2017, industry, Finance and insurance, representing 4.1% of all jobs in Québec, with over 149 500 workers. Nearly 3 000 new jobs have been created. However, the growth of the gross domestic product (GDP) of the industry has been slightly slower than usual. It is located at 2.3 %, while the annual average is 2.5 %. Industry Finance and insurance in Quebec represents approximately 17 % of the canadian industry.
The technologies to be more interesting
The Authority has also emphasized the increasing importance of new technologies for financial institutions in 2017. The regulatory body cited the artificial intelligence, the string of blocks or networks of sensors are ubiquitous (Internet of things) as items asking the financial institutions.
“In effect, the potential for these technologies to reduce operating costs, generate new sources of revenue and to foster engagement and the retention of the customer base is attractive for all the stakeholders of the industry,” says the Authority. She also claims to remain proactive and said to adjust its initiatives, coaching and monitoring of risk.