Heirs Insurance Group Celebrates Five Years of Growth

Heirs Insurance Group, under the leadership of Chairman Toni Elumelu, has celebrated five years of operation in the Nigerian insurance market. Elumelu aims to replicate the success of UBA in the banking sector by deepening insurance penetration in Nigeria, which has historically faced challenges due to a lack of trust in insurance products.

The company has launched digital channels allowing customers to purchase policies in three minutes and promises to settle claims within 24 hours. Elumelu emphasized the importance of corporate governance and risk management, responding to the National Insurance Commission (NAICOM) regarding the need for newly licensed firms to uphold industry standards.

Heirs Insurance Group, which received its operating license in November 2020 and commenced operations in December 2020, has since transformed from a loss-making entity to one of the fastest-growing insurance companies in Nigeria. The company aims to increase insurance's contribution to Nigeria's GDP from its current rate of less than 1% to 3%.