Heirs Insurance Group gross written premium up 60% to ₦31.7bn in FY’23
Heirs Insurance Group’s General and Life companies, combined, recorded a 59.3 per cent increase in Gross Written Premium to 31.7 billion naira in 2023. Meanwhile, the Group’s earned insurance revenue for the period hit 20.5 billion naira. , a surge of 80 per cent from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria. Niyi Onifade, Sector Head of Heirs Life Insurance joins CNBC Africa for more on group’s financial statement and near-term plans.
Fri, 11 Oct 2024 12:05:46 GMT
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AI Generated Summary
- Heirs Insurance Group recorded a 60% increase in Gross Written Premium to 31.7 billion naira in 2023, solidifying its position as one of Nigeria's fastest-growing insurance companies.
- The Group paid a total of 4.1 billion naira in claim settlements in 2023, a 150% increase from the previous year, demonstrating their dedication to fulfilling claims promptly and building trust with policyholders.
- Heirs Insurance Group is focused on leveraging technology to make insurance more accessible to Nigerians, with initiatives such as an AI-driven chatbot, digital experience center, and plans for further digital and geographical expansion.
Heirs Insurance Group, a leading insurance company in Nigeria, has shown remarkable growth in the financial year 2023, with a 59.3 per cent increase in Gross Written Premium to 31.7 billion naira. This surge is a clear indication of the company's rapid expansion and success in the market. The Group's earned insurance revenue also saw a substantial rise, reaching 20.5 billion naira, marking an 80 per cent increase from the previous year. These impressive figures solidify Heirs Insurance Group's position as one of the fastest-growing insurance companies in Nigeria. Niyi Onifade, Sector Head of Heirs Life Insurance, recently sat down with CNBC Africa to discuss the Group's financial performance and future plans. One of the key themes of the interview was the Group's focus on democratizing access to insurance and ensuring timely claim settlements. Onifade highlighted the importance of building trust with policyholders by fulfilling claims promptly. In 2023 alone, Heirs Insurance Group paid a total of 4.1 billion naira in claim settlements, a significant increase from the previous year. This commitment to prioritizing claim settlements is aimed at changing the narrative around insurance and instilling confidence in the average Nigerian consumer. When asked about the Group's near-term plans, Onifade emphasized their mission to make insurance accessible to every Nigerian and integrate insurance into everyday life. Leveraging technology plays a crucial role in achieving this goal, with initiatives such as an AI-driven chatbot named Prince and a digital experience center in Abuja. Additionally, Heirs Insurance Group aims to expand its presence both digitally and geographically, ensuring that insurance products are available to all Nigerians, including those in remote areas. Looking ahead, Onifade expressed confidence in the insurance sector's outlook and emphasized the importance of having a safety net in uncertain times. Despite facing challenges, he remains optimistic about the market's performance and the growing need for insurance coverage. Overall, Heirs Insurance Group's impressive growth in 2023 reflects their commitment to innovation, customer satisfaction, and market expansion, positioning them as a key player in Nigeria's insurance industry.
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