Business
Heirs Insurance Group Disburses N5.7 Billion in Compensation to Policyholders
Heirs Insurance Group (HIG), which encompasses Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, has announced the payment of N5.7 billion in compensation to its policyholders.
This significant payout reflects HIG’s exceptional growth over the past three years, primarily driven by the retail market, which accounts for over 90% of the company’s revenue. The group has focused on delivering customer-centric insurance products that resonate with individuals and businesses.
During a recent event themed ‘Three Years of Impact,’ HIG celebrated its achievements and outlined plans to expand operations across West Africa through corporate social responsibility initiatives aimed at fostering socio-economic development in the region.
Niyi Onifade, Managing Director of Heirs Life Assurance, stated that the company is committed to transforming the insurance sector and aims to streamline claims processing to settle them within five minutes of documentation.
A key factor in HIG’s success is its dynamic workforce, which includes over 200 employees, more than half of whom are under 35. This youthful team has driven innovation and scalability, allowing the group to underwrite over 40,000 risks in a single month, a record for the industry.
The group’s financial performance has been impressive, with gross written premiums (GWP) rising by 60% from N19.9 billion to N31.7 billion in 2023, and insurance revenue increasing by 80% from N11.3 billion in 2022 to N20.5 billion in 2023. HIG paid out N4.1 billion in claims in 2023, a substantial rise from N1.6 billion in 2022, reflecting a 161% increase and reinforcing the group’s reputation for reliability.
To commemorate its third anniversary, HIG launched an impact documentary highlighting its growth journey and innovative initiatives, including an enhanced digital presence and a rewards program to improve customer experience.
As the insurance arm of Heirs Holdings, a prominent Pan-African conglomerate with investments across 24 countries, Heirs Insurance Group is poised for continued expansion and aims to reshape the insurance landscape across Africa while maintaining its commitment to innovation and customer satisfaction.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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