By David Akinmola
Nigeria’s insurance penetration drive gained momentum as Heirs Insurance Group (HIG) said that it has surpassed three million policyholders within five years of operation in the country.
The development comes at a time when operators are under increasing pressure to expand insurance coverage beyond corporate accounts and affluent customers to million of underserved Nigerians, amid persistent concerns over the industry’s less-than-one per cent penetration rate despite a population estimated at over 200 million.
Stakeholders said the milestone underscores a gradual transformation in the insurance landscape, where technology, simplified products and faster claims settlement are beginning to address longstanding barriers to adoption, including poor awareness, limited access and low public trust.
Speaking at a media briefing in Lagos, the Sector Head of Heirs Insurance Group, Niyi Onifade, revealed that the company has grown its customer base to more than three million individual and corporate policyholders since commencing operations in 2021.
According to him, the growth reflects increasing acceptance of insurance products among retail customers, driven largely by digital channels and a customer=centric business model..
Industry analysts noted that the achievement is significant in a market where insurance operators have historically struggled to attract large numbers of retail customers, with the sector’s contribution to Gross Domestic Product (GDP) remaining one of the lowest among major financial service segments.
They argued that the ability of insurers to scale customer acquisition has become critical as operators seek sustainable growth under ongoing regulatory reforms and intensifying competition.
The growth trajectory of Heirs Insurance mirrors a broader shift within the industry towards technology-enabled distribution models aimed at reaching younger demographics and previously excluded segments of the population.
Onifade said the company paid N21 billion in claims in 2025, stressing that prompt settlement of claim remains central to rebuilding confidence in insurance.
“The insurance business is fundamentally about trust. Everything we do asks how it impacts the customer. With over three million lives protected, we believe we are making a meaningful contribution to closing Nigeria’s protection gap,” he said.
Financial performance released by the insurer showed that profit rose to N7.5 billion, while total assets expanded to 136 billion, reflecting growth across both its life and general insurance businesses.
The company also received international recognition after the Financial Times ranked Heirs Life Assurance as the seventh fastest-growing company in Africa and Heirs General Insrance as the 41st fastest-growing company on the continuant across sectors.
Market observers believe the three-million-policyholder milestone offers evidence that the industry’s future growth may increasingly depend on retail business rather than its traditional dependence on a relatively small pool of corporate customers.
They noted that while recapitalization, regulatory reforms and risk-based supervision remain important, the real challenge for insurers is converting millions of uninsured Nigerians into policyholders.
