*Spends over N100m on CSR,
Kindly leave a comment and share
Chuks Udo Okonta
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.
The Managing Director Heirs Life Assurance Limited Niyi Onifade, who outlined the progress attained by the Group since inception, at a press conference yesterday in Lagos, noted that the insurance outfit is living up to its promises to transform insurance practice.
He submitted that the firm is the game changer in the industry, stressing that with robust financial capacity, the group has continued to provide succour to policyholders with payment of N5.7 billion in claims.
He noted that Heirs Assurance Insurance presently settles claims payments within 24 hours, whilst expressing hope of settling claims within five minutes very soon.
Onifade said the group has over 200 employees of which 53 per cent are below 35 years.
According to him, the entity underwrites over 4,000 policies in a month, a feat that is uncommon in the insurance industry.
Heirs Insurance Group announced an outstanding financial performance for year 2023 attaining 60 per cent growth in premium.
The Group’s Gross Written Premium (GWP) moved from N19.9 billion to N31.7 billion.
Its earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5 billion in 2023.
The Group also paid N4.1 billion in 2023 from N1.6billion in 2022 claims, representing 161 per cent growth demonstrating its reliability and commitment to upholding customer’s trust.
Earlier this year, Heirs Insurance Group 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.
