FSD Africa, NAICOM Introduce Initiative To Fast Track Insurance Growth

The Financial Sector Deepening Africa (FSD Africa) funded by UK Aid in collaboration with the National Insurance Commission (NAICOM) has launched a Risk, Resilience and Regulatory Laboratory initiative to improve Nigeria’s insurance industry.

The Commissioner for Insurance, National Insurance Commission, NAICOM, Mr Sunday Thomas said that the R3Lab is to help explore ways in which collaboration, technology and insurance supervisory, are capable of mitigating the impact of specific challenges experienced in the regulatory environment.

“We are all aware of the evolving risks in the African economic space such as climate change, pandemics, digitalisation, inadequate understanding and lack of confidence in the insurance sector.

“Also, the need for new strategies to enhance the capabilities of African insurance supervisory authorities to effectively regulate and protect insurance policyholders.

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According to him, R3Lab will facilitate the design of customised capacity-building programmes and set up peer to peer exchange platforms.

It will also set up comprehensive learning toolkits, a resource centre for data collection and reporting, topical task forces and forums for insurance supervisors in Africa.