Heirs Life Assurance, a new entrant into the sector, has revealed plans to drive the adoption of annuity cover in the Nigerian insurance market
Speaking at a media parley in Lagos, the Managing Director of the firm, Niyi Onifade, said that Heirs Life has received approval from the National Insurance Commission (NAICOM) to underwrite annuity.
Onifade said the Lagos State Government has also appointed Heirs Life Assurance Limited (HLA) as one of the key providers of annuity in the state.
The appointment came as a result of excellent performance and achievements by the firm, he explained.
According to him, an annuity is a marathon and a long-term business. Onifade noted that the firm does not woo some of the investors rather they decided to be part of the firm due to the economic impact created for Nigerians through the organization.
The Acting Managing Director, Heirs Insurance Limited (HIL), Adaobi Nwakuche, said the firm has fully recapitalised to tune the N10 billion.
According to her, the organisation is in business to increase insurance penetration.
On claims settlement, Nwakuche assured that Heirs processes are fast and reliable adding that established claims are settled within 24 hours.