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.
