Heirs Insurance Group (HIG) is making significant strides in enhancing insurance penetration in Nigeria, a country where the current insurance penetration rate is less than 1%. Founded by Tony Elumelu, HIG officially launched on June 1, 2021, after receiving operational licenses on November 27, 2020. The company has leveraged technology and innovation to drive its mission of democratizing access to insurance and promoting financial inclusion [4c72baeb].
In 2023, HIG reported a remarkable 59.30% increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion. This growth was fueled by substantial increases in both its General Insurance and Life Assurance segments. Heirs General Insurance saw a 77% increase in GWP, reaching N12 billion, while Heirs Life Assurance experienced a 71% growth, totaling N19.7 billion. The total assets for HIG also grew to N18.1 billion, marking a 27.4% increase [4c72baeb].
Moreover, the company's profit before tax surged by an impressive 203%, amounting to N2.4 billion. Claims disbursed by HIG increased significantly, from N471 million to N1.6 billion, demonstrating the company's commitment to fulfilling its obligations to policyholders. In addition to its financial achievements, HIG has contributed over N100 million to various Corporate Social Responsibility (CSR) projects, reinforcing its dedication to community development and economic growth [4c72baeb].
Heirs Insurance aims to continue its momentum by utilizing innovative approaches to reach underserved markets and enhance financial literacy among Nigerians. The company's efforts are crucial in a landscape where many individuals remain unaware of the benefits and importance of insurance, thus playing a vital role in the broader economic development of the region [4c72baeb].