NAICOM Strengthens Collaboration With FSD Africa

The Managing Director Financial Sector Deepening Africa Mr. Mark Napier and Commissioner for Insurance Nigeria Mr. Olorundare Sunday Thomas

In a pioneering development for the Nigerian Insurance Industry, Mr. Mark Napier, the Managing Director of Financial Sector Deepening Africa (FSD Africa), along with his Management Team, paid a courtesy visit to Mr. Olorundare Sunday Thomas, the Commissioner for Insurance Nigeria. This visit marked the initiation of a highly promising partnership between FSD Africa and the National Insurance Commission (NAICOM), promising a new chapter of progress and innovation for the sector.

As part of this collaboration, NAICOM and FSD Africa jointly launched a comprehensive Risk Based Capital (RBC) training program for seventy (70) NAICOM staff members. The training, expertly facilitated by Mr. Elias Omondi, the Principal in charge of innovation at FSD Africa, spanned over a period of two (2) weeks, concluding on Friday, 28th July 2023.

The core objective of this partnership is to deliver a multitude of benefits for the Nigerian Insurance Industry, positioning it for greater prosperity and pioneering advancements. A key highlight of the collaboration is the development of a robust Risk Based Capital framework and toolkit. This initiative is designed to enhance the industry’s risk management capabilities significantly, fostering overall financial stability and resilience.

Beyond the RBC framework, the partnership will take a proactive approach to integrate Economic, Social, and Governance (ESG) principles into the operations of the insurance sector. This strategic move aligns with the growing global emphasis on sustainability and responsible business practices, making a positive impact on society and the environment.

Furthermore, a pathbreaking project called the “Innovation Portrait” will emerge from this partnership. This dynamic initiative is poised to promote innovation for both the regulator and insurance operators alike. The Innovation Portrait will serve as a platform that encourages the implementation of novel and cutting-edge solutions to address industry challenges and elevate services for consumers.

Armed with the combined expertise and resources of FSD Africa and NAICOM, this partnership is set to usher in a new era of growth and development for the Nigerian Insurance Industry. By embracing innovative practices and strengthening risk management capabilities, the industry is poised to flourish and better serve the diverse needs of the Nigerian populace. This progressive alliance is anticipated to become a significant driver of positive change, elevating the Nigerian Insurance sector to new heights of success and prosperity.

July 29, 2023