…Eyes West African market for expansion
Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB) has said over 90 per cent of its revenue drive came from retail business three years after its inception in the insurance market.
The group also revealed plans to expand operations to West Africa through its Corporate Social Responsibility (CSR) activities with over N100 million.
Speaking on the development at the Documentary Screening and Media Parley, tagged: “Three Years of Impact,” the Managing Director of Heirs Life Assurance Limited Niyi Onifade, said that the insurance outfit is living up to its promises to transform insurance practice.
Onifade explained that with strong financial capacity, the group has continued to succour to policyholders with payment of N5.7 billion in claims within 24 hours while expressing hope of settling claims within five minutes very soon.
Onifade said the group has over 200 employees, of whom 53 per cent are below 35 years old.
According to him, the entity underwrites over 4,000 policies in a month, a feat that is uncommon in the insurance industry.
Heirs Insurance Group announced an outstanding financial performance for the year 2023 attaining 60 per cent growth in premium.
The Group’s Gross Written Premium (GWP) moved from N19.9 billion to N31.7 billion.
Its earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5 billion in 2023.
The Group also paid N4.1 billion in 2023 from N1.6 billion in 2022 claims, representing 161 per cent growth demonstrating its reliability and commitment to upholding customer trust.
Earlier this year, Heirs Insurance Group marked its third anniversary by unveiling an impact documentary that captures its remarkable growth since its launch. The group also highlighted the innovative initiatives it has pioneered in the insurance industry, including its unrivaled digital presence across various channels and its customer-focused rewards and loyalty programme.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.
