THURSDAY
April 19, 2018

 

The History of the CRC

The Canadian Reinsurance Conference (CRC) has become one of the premier reinsurance conferences in the world. It is dedicated to providing a forum for industry participants to learn about developments affecting the reinsurance business and providing an opportunity to network with peers. Continued strong attendance at the conference can be interpreted as an indicator that the CRC continues to succeed in meeting their goals and in delivering value to the industry.

The CRC was first held in 1956 when representatives from several Toronto insurance companies met for a half day. The intent was to discuss reinsurance matters in their mutual interest. At that time, companies were involved in reciprocal risk-sharing arrangements in order to facilitate placement of large face amount policies. The purpose of their meeting was to discuss how to expedite these transactions.

From that simple beginning, the CRC has evolved to a full day conference format which now regularly attracts over 500 attendees from the insurance, reinsurance, and retrocession industries in Canada, the U.S., and abroad. Approximately 70% of the attendees are from Canada, 25% from the U.S., and 5% are international.

The CRC is planned and executed by an executive committee of six to eight members, drawn from the insurance and reinsurance industry in Canada. Committee members serve for 3 years, with terms staggered so that two to three people leave the committee and new members join each year. This structure provides continuity and ensures there are always experienced members with knowledge and insights for the group to draw on. New committee members are selected by the existing committee into one of two streams. One incoming member will serve as a director in their 3-year term. The other new member will take on the roles of incoming chair, chair, and past chair.

An important role of the CRC executive committee had been to sponsor the preparation of the Canadian Reinsurance Guidelines. First issued in 1984, they provide an industry standard of practice which is relied upon by insurers and reinsurers across Canada and which is the envy of reinsurers world-wide. Many companies use the guidelines as a basis for preparing minor changes to their reinsurance treaties. In situations where a treaty is not in place, or it is silent on a particular topic, the guidelines are looked to by both parties to determine the terms of their relationship. In 2006 the responsibility for maintaining and updating the guidelines was moved to the CLHIA.