Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has paid out N5.7 billion as compensation to policyholders.
It has credited its exceptional growth over the past three years to the retail market, which contributed over 90% of its revenue.
The accomplishment flaunts the group’s strong focus on retail-driven insurance, delivering customer-centric products and services that resonate with individuals and businesses alike.
In line with its growth trajectory, HIG also revealed plans to extend its operations across West Africa through a series of corporate social responsibility (CSR) initiatives aimed at deepening its footprint and fostering long-term socio-economic impact in the region. The disclosure was made during a Documentary Screening and Media Parley event themed ‘Three Years of Impact,’ where the group celebrated its achievements and outlined its ambitious future plans.
Niyi Onifade, Managing Director of Heirs Life Assurance Limited, remarked that the company is living up to its pledge to transform the insurance sector. With robust financial backing, Heirs Insurance Group has positioned itself as a trusted provider, with aspirations to streamline the process so that claims are settled within five minutes of documentation.
A standout feature of HIG’s success is its youthful and vibrant workforce, comprising over 200 employees, more than half of whom are under the age of 35. This dynamic team has been instrumental in driving innovation and scaling operations, enabling the group to underwrite over 40,000 risks within a single month, a record achievement in the insurance sector.
The group’s financial performance in 2023 was equally remarkable, with gross written premium (GWP) climbing by 60%, from N19.9 billion to N31.7 billion. Insurance revenue also surged, increasing by 80% from N11.3 billion in 2022 to N20.5 billion in 2023.
The financial swell is a testament to the group’s strategic focus on scaling its retail offerings and expanding market share.
In keeping with its commitment to policyholders, HIG paid out N4.1 billion in claims in 2023, a sharp increase from N1.6 billion in 2022, representing a 161% rise. The growth in claims payout further strengthens the group’s reputation for reliability and reinforces its promise to deliver superior service and protect the interests of its clients.
Earlier this year, to commemorate its third anniversary, Heirs Insurance Group launched an impact documentary showcasing its exceptional growth journey and the transformative innovations it has introduced in the industry. Among these innovations are the group’s impressive digital presence, offering seamless customer interactions across platforms, and the launch of a rewards and loyalty programme designed to enhance customer experience.
As the insurance arm of Heirs Holdings, a leading Pan-African conglomerate with investments across 24 countries and four continents, Heirs Insurance Group is set on a path of continued expansion and influence.
With its robust retail market performance and West African ambitions, HIG is charting a course that promises to reshape the insurance landscape across Africa, while remaining steadfast in its commitment to innovation, customer satisfaction, and regional growth.