The managing director and chief executive officer of Heirs Life Assurance Limited, Mr. Niyi Onifade, claims that Heirs Insurance Group (HIG), which began operations barely three years ago, has developed into a major player in the insurance sector. He revealed this when narrating the history of the business.
He claimed that Heirs Insurance has established a reputation for operational effectiveness, excellent service delivery, timely claims settlement, and restoring the once-discredited public’s faith in insurance. According to Onifade, Heirs Insurance Group’s 2023 premium increase of 60% solidified the company’s standing as a powerful player in Nigeria’s risk management industry.
The Group’s earned insurance revenue increased by 80% from N11.3 billion in 2022 to N20.5 billion in 2023, while its Gross Written Premium (GWP) increased by 60% from N19.9 billion to N31.7 billion. The Group also paid N4.1 billion in 2023 for claims payments, up 161% from N1.6 billion in 2022, proving its dependability and dedication to maintaining consumer confidence.
Ifesinachi Okpagu, the company’s chief marketing officer, also spoke, saying: “We were really thrilled to launch what is now known as Heirs Insurance Group in 2015.” After that, it was Heirs Insurance as we couldn’t come together as a team. That time was incredibly disappointing. We were three or four years old at the time, I recall.
“This place was empty, the whole building was completely empty,” she said. We had no fixtures, furnishings, or anything else. It’s intriguing to note that, from this location, where we began with nothing—no paper, no signage, and no branded items—to this point, we have more than 200 workers dispersed throughout the entire nation.
