Canada’s top financial regulator says the greatest risk facing insurers isn’t necessarily climate change but the shockwaves from a rapidly shifting geopolitical order – a transformation he warned will upend asset valuations and force companies to rethink diversification strategies.

Geopolitical upheaval as the defining risk

Peter Routledge , superintendent of financial institutions at the Office of the Superintendent of Financial Institutions (OSFI), told delegates at the National Insurance Conference of Canada (NICC) that the industry is living through a moment of “weeks where decades happen.”

“We’re in the middle of a period of extraordinary transformation in our geopolitical environment, and that’s going to trigger an extraordinary transformation of Canada’s economic model,” Routled

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