Heirs Insurance Group (HIG) has announced that it now serves over three million policyholders, marking a significant milestone in Nigeria's insurance sector just five years after its launch. The achievement comes as the industry faces mounting pressure to extend coverage beyond corporate clients and wealthy individuals to the millions of uninsured Nigerians.
Addressing Low Penetration Rates
Nigeria's insurance penetration rate remains below one percent despite a population exceeding 200 million. Industry experts view this milestone as evidence of a gradual transformation driven by technology, simplified products, and faster claims settlement, which are helping to overcome longstanding trust issues.
CEO's Remarks on Growth
Speaking at a media briefing in Lagos, Niyi Onifade, Chief Executive Officer and Sector Head of Heirs Insurance Group, revealed that the company has grown its customer base to more than three million individual and corporate policyholders since starting operations in 2021. He attributed this growth to increased acceptance of insurance products among retail customers, facilitated by digital channels and a customer-centric business model.
Claims Settlement and Financial Performance
Onifade emphasized that prompt claims settlement is crucial for rebuilding trust in the insurance industry. He noted that Heirs Insurance paid N21 billion in claims in 2025. The company's financial results showed a profit of N7.5 billion and total assets of N136 billion, reflecting robust growth across its life and general insurance divisions.
Industry Recognition
Heirs Life Assurance was ranked by the Financial Times as the seventh fastest-growing company in Africa, while Heirs General Insurance secured the 41st position across all sectors. These accolades underscore the group's rapid expansion and its role in narrowing Nigeria's protection gap.
