Heirs Insurance Group Policyholders Get N5.7bn Claims In 2 Years

Policyholders of Heirs Insurance Group were able to claim N5.7 billion insurance compensation on their insured risks in two years.

While the group paid N4.1 billion in 2023, it had, in 2022, paid N1.6 billion claims in 2022, representing 161 per cent growth demonstrating its reliability and commitment to upholding customer’s trust.

Aside from this, the Group’s Gross Written Premium (GWP) grew by 60% from N19.9 billion to N31.7 billion, while Earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5bn in 2023.

Earlier this year, Heirs Insurance Group had marked its third anniversary by unveiling an impact documentary that captures its remarkable growth since its launch.  The group also highlighted the innovative initiatives it has pioneered in the insurance industry, including its unrivalled digital presence across various channels and its customer-focused Rewards and Loyalty programme.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

At a media parley at the group’s headquarters in Victoria Island(VI), Lagos recently, the managing director, Heirs Life Assurance Limited, Mr. Niyi Onifade said, Heirs Insurance Group, which is the fastest growing underwriting entity in the country, has within a period of three years, entrenched remarkable landmarks, of which some of its strides are; recording over 90 per cent of Life premium from retail operations; promoting Corporate Social Responsibility (CSR) activities with over N100 million and plans to expand operations to West Africa.

Disclosing that Heirs Assurance presently settles claims payments within 24 hours, whilst expressing hope of settling claims within five minutes in the near future,

Onifade said, the group has over 200 employees of which 53 per cent are below 35 years.

The insurance group, he said, underwrites over 4,000 policies in a month, a feat that is uncommon in the insurance industry.

Reacting on the group’s performance, he said: “This performance reiterates our dedication to democratising access to insurance. across Nigeria and delivering value to all our stakeholders

“Over the past 3 years, we have consistently! achieved strong year-on-year growth, reflecting our Group’s mission of driving financial inclusion across Nigeria through simple, accessible and affordable insurance solutions.” he pointed out .