The National Insurance Commission (NAICOM) has pledged its commitment to achieve a more resilient insurance sector that improves the standard of living, not just for Nigerians but Africans and entrench sustainable business endeavours.
This was disclosed by the Commissioner for Insurance, Mr Sunday Thomas in his opening remarks at the launch of Risk, Resilience, and Regulatory Lab (R3LAB) Wednesday in Lagos.
The event, according to Mr Thomas, was conceived by its development partners, Financial Sector Deepening Africa (FSD Africa) funded by UK Aid, focuses on the setting up of the R3Lab.
He explained that “R3Lab was given impetus by a mutual interest in maximizing the untapped potential of the African insurance industry and exploring ways in which collaboration, technology and insurance supervisory capacity building is capable of not only mitigating the impact of specific challenges experienced in the regulatory environment but also improve the regulatory effectiveness of African insurance supervisory authorities.”
Mr Thomas noted that the challenges the African insurance space face, have strengthened the need for new strategies to enhance the capabilities of African insurance supervisory authorities to effectively regulate and protect insurance policyholders.
He pointed out that “The R3Lab offers a three-tiered approach towards creating an enabling environment and equipping the regulator with sound, proportionate and fit-for-purpose practices.”
Explaining further, he noted that “Risk, resilience, and regulation are the key entry points for the R3Lab to build the technical capacity and skills of the regulator on innovation and sustainable insurance.
“The R3Lab will facilitate the design of customised capacity-building programmes and set up peer to peer exchange platforms, comprehensive learning toolkits, a resource centre for data collection and reporting and topical taskforces and forums for insurance supervisors in Africa.”
The NAICOM boss also disclosed that this was the third joint initiative that has been birthed through FSD Africa’s partnership with NAICOM, adding that “The first was FSD Africa’s ongoing support in the review of existing regulations including identifying and articulating the key steps, framework(s), and tools required by NAICOM for risk-based capital (RBC).”
Mr Thomas restated that FSD Africa support “will enable NAICOM fully implement a scalable RBC framework in Nigeria as well as to help it develop an innovation framework for NAICOM to fulfil its dual objectives of market development and policyholders’ protection.”
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