HEIRS INSURANCE GROUP ENCOURAGES NIGERIANS TO ADOPT INSURANCE AS A SAFETY NET DURING ECONOMIC CHALLENGES
EVENT:
The Heirs Insurance Group held its third-anniversary documentary screening and media parley at its headquarters in Lagos.
KEY SPEAKER:
Niyi Onifade, the CEO of Heirs Life Assurance Limited, spoke about the importance of insurance, especially during economic difficulties.
MAIN POINTS:
1. Importance of Insurance in Tough Times: Onifade emphasized that insurance is a crucial safety net during economic challenges. He highlighted the role of insurance in safeguarding children's education and assets like shops and cars.
2. Retail Segment Success: Heirs Life Assurance generates about 90% of its revenue from the retail segment, ensuring claims are paid promptly. In 2023, Heirs Insurance Group paid ₦4.1bn in claims, marking a 170% increase from 2022.
3. Expansion Plans: The group plans to expand into West Africa in 2025, introducing new insurance products based on consumers' evolving needs.
4. Growth in Gross Premium: Heirs Insurance Group reported a 59.30% growth in gross written premiums, increasing from ₦19.9bn in 2022 to ₦31.7bn in 2023.
The company is committed to making insurance accessible and responsive to customers' needs through technology and rapid claim settlements.
EVENT:
The Heirs Insurance Group held its third-anniversary documentary screening and media parley at its headquarters in Lagos.
KEY SPEAKER:
Niyi Onifade, the CEO of Heirs Life Assurance Limited, spoke about the importance of insurance, especially during economic difficulties.
MAIN POINTS:
1. Importance of Insurance in Tough Times: Onifade emphasized that insurance is a crucial safety net during economic challenges. He highlighted the role of insurance in safeguarding children's education and assets like shops and cars.
2. Retail Segment Success: Heirs Life Assurance generates about 90% of its revenue from the retail segment, ensuring claims are paid promptly. In 2023, Heirs Insurance Group paid ₦4.1bn in claims, marking a 170% increase from 2022.
3. Expansion Plans: The group plans to expand into West Africa in 2025, introducing new insurance products based on consumers' evolving needs.
4. Growth in Gross Premium: Heirs Insurance Group reported a 59.30% growth in gross written premiums, increasing from ₦19.9bn in 2022 to ₦31.7bn in 2023.
The company is committed to making insurance accessible and responsive to customers' needs through technology and rapid claim settlements.