Heirs Insurance Group celebrates achievements, boosts prompt claims payments
Heirs Holdings
Nike Popoola
Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB) has expressed its commitment to prompt claims settlement and expansion of its retail business.
The Managing Director of Heirs Life Assurance Limited Niyi Onifade, disclosed this during a press briefing, while speaking on major landmarks of the Group three years after its inception.
He said about 90 per cent of its revenue drive came from retail business, adding that it plans to expand operations to West Africa through its Corporate Social Responsibility (CSR) activities.
The Heirs Insurance boss said the Group has continued to meet the claims expectations of its policyholders, and hopes to settle claims in the shortest time like five minutes.
During the press briefing, the Group unveiled an impact documentary that captures its remarkable growth since its inception in three years, which highlighted the innovative initiatives it has pioneered in the insurance industry, including its unrivaled digital presence across various channels and its customer-focused rewards and loyalty programme.
Highlights of the Group’s General and Life companies, combined, showed a 59.30% increase in Gross Written Premium (GWP), rising from N19.9billion in 2022 to N31.7billion, for the year ending December 31, 2023, as they both enter their fourth year.
In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.
Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119% increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.
Heirs Insurance Brokers (HIB), the broking arm of Heirs Insurance Group, delivered a strong performance with significant growth in income and profit.
Demonstrating its commitment to customer satisfaction and upholding customer trust, Heirs General also disbursed N1.6billion to policyholders in claims settlement, up from N471million in the prior year. This sharp rise in claims settlement emphasizes the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.
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.
