Heirs Insurance Group has articulated the importance of insurance as a vital protective measure during times of economic uncertainty. Niyi Onifade, the Sector Head and Chief Executive Officer of Heirs Life Assurance Limited, emphasized this notion during the company’s third-anniversary documentary screening and media discussion held at their headquarters in Lagos. Heirs Insurance Group, which includes Heirs Life Assurance Limited, Heirs General Insurance, and Heirs Insurance Brokers, positions itself as a forward-thinking organization that leverages technology to simplify and enhance the life insurance experience for consumers.
Onifade addressed concerns regarding the appeal of insurance products amid reduced household incomes, suggesting that awareness is key to understanding their significance, especially in challenging economic climates. He noted that having insurance can provide crucial financial protection for various aspects of life—ranging from securing a child’s education to protecting assets owned by individuals such as traders and vehicle owners. This necessity underlines the importance of cultivating a culture where insurance is treated as an essential lifestyle choice rather than an afterthought.
Focusing on the life insurance segment, Onifade mentioned that approximately 90 percent of the company’s revenue has been generated from retail customers. This reflects a growing recognition among the public of the value insurance provides. Onifade highlighted the fast and reliable claims payment process of Heirs Insurance Group, revealing that they disbursed N4.1 billion in claims during 2023, marking a 170 percent increase from the previous year. This consistent claim settlement further strengthens customer trust and contributes to the organization’s ongoing growth in the sector.
Heirs Insurance Group is not only concentrating on domestic growth but is also setting ambitious plans to expand its operations across the African continent, beginning with West Africa next year. By introducing products influenced directly by consumer needs rather than merely launching traditional offerings, they aim to be responsive to the shifting preferences of insurance consumers. Onifade emphasized the importance of adapting to changing market demands, which is fundamental to the company’s strategy as illustrated in their anniversary documentary.
Recently published financial results further support the group’s growth narrative, with a notable 59.30 percent rise in gross written premiums, escalating from N19.9 billion in 2022 to N31.7 billion in 2023. This substantial increase illustrates the growing trend of consumers investing in insurance products and reinforces Heirs Insurance Group’s strategies in responding effectively to market demands. By prioritizing customer awareness and adapting their product offerings based on evolving needs, the organization is well-positioned for future growth.
In summary, Heirs Insurance Group is embarking on a journey towards elevating the insurance experience by harnessing technology and focusing on consumer education. With strong financial indicators, rapid claims payments, and a clear vision for expanding into other African markets, the group is committed to shaping a robust insurance culture that emphasizes its importance, particularly during tougher economic periods. By making insurance a fundamental aspect of lifestyle choices, they hope to not only safeguard individuals but also enhance the overall perception and acceptance of insurance across the continent.
