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, which 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.

“The R3Lab offers a three-tiered approach towards creating an enabling regulatory environment and equipping the regulator with sound, proportionate and fit-for-purpose practices.

“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 ,” he said.

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 center for data collection and reporting, topical task forces and forums for insurance supervisors in Africa.