The Financial Sector Deepening Africa (FSD Africa) and the National Insurance Commission (NAICOM) have partnered as part of efforts to promote growth and innovation in the nation’s insurance sector.

The collaboration was reached when FSD Africa Managing Director, Mark Napier, led his team on a visit to NAICOM Chief Executive, Sunday Thomas, in Abuja.

The partnership between the two bodies is expected to enhance the sector’s capabilities and sustainability.

Speaking earlier, FSD Managing Director, Mark Napier, said the collaboration was also designed to help implement the Risk-Based Capital (RBC) training programme to raise the expertise of 70 NAICOM staff members.

“Already, a two-week training programme was conducted by Elias Omondi, the principal in charge of innovation at FSD Africa,” he said.

“The RBC framework is a transformative drive for insurance regulation, where capital requirements are aligned with the risk profiles of insurance companies,” he continued.

According to him, by providing specialised training in the area, FSD Africa sought to equip NAICOM staff with the necessary skills to implement and regulate risk-based capital practices effectively.

This initiative is expected to enhance the overall stability and resilience of the Nigerian insurance market, benefiting both insurers and policyholders.

He stressed: “Hence, this framework would serve as a guiding document for insurers, enabling them to assess and manage their risks efficiently while meeting regulatory requirements.”