Key points
- Heirs Insurance Group has provided coverage and underwriting protection to over three million customers since its inception.
- Sector Head Niyi Onifade announced that the group’s cumulative gross written premiums have reached approximately N88 billion.
- The organization disbursed N21 billion in claims during 2025, with its general insurance unit paying over N4 billion so far in 2026.
- The Financial Times recognized Heirs Life and Heirs General Insurance among the top fastest-growing corporate entities in Africa.
- Executive leadership unveiled an AI chatbot named “Prince AI” alongside USSD portals to drive insurance into retail spaces.
Main Story
Heirs Insurance Group has marked its fifth anniversary by revealing that its retail and corporate underwriting models have provided financial protection to more than three million customers since launching operations.
Speaking at an anniversary media briefing in Lagos, the group’s Sector Head and Managing Director of Heirs Life Assurance, Niyi Onifade, explained that the milestone reflects a deliberate strategy to address the low penetration rates and institutional trust deficits that have historically slowed down Nigeria’s insurance market.
Despite launching in mid-2021 amid the global economic disruptions of the COVID-19 pandemic, the firm has established itself as one of the region’s fastest-growing financial services brands.
The company’s rapid growth has been driven by a heavy reliance on automated digital delivery channels. Management noted that the firm has integrated advanced technology into its retail setup, recently rolling out “Prince AI,” an artificial intelligence-driven customer interaction chatbot designed for the West African insurance market.
Alongside automated USSD purchase channels, these digital tools have allowed the group to build a diverse portfolio that serves over 8,000 large corporate clients while simultaneously scaling up financial inclusion programs for low-income earners and small businesses at the grassroots level.
This tech-focused approach earned the company high placements on the Financial Times’ regional growth rankings, with its life assurance wing taking the seventh spot across Africa.
Financially, the group’s books show a significant increase in volume, with gross written premiums rising to N88 billion, total corporate assets crossing N136 billion, and net profitability hitting N7.5 billion.
Company directors stressed that prompt claims payment remains the core strategy for building consumer confidence, noting that the group processed N21 billion in total claims payouts during the 2025 financial year, with the majority settled within 24 hours.
To sustain this momentum, Heirs General Insurance has already paid out over N4 billion in verified claims during the current 2026 operating cycle, as executive leadership prepares to expand the brand’s footprint beyond Nigeria into a broader pan-African insurance network.
The Issues
- Overcoming deeply rooted public skepticism and low consumer trust through guaranteed fast-track claims processing windows.
- Transitioning traditional, paperwork-heavy insurance products into simple, accessible USSD and AI-driven mobile solutions.
- Expanding corporate and retail insurance portfolios into new African markets while maintaining high profitability standards.
What’s Being Said
- Outlining the company’s core mission to disrupt traditional insurance models and build long-term consumer trust, the Managing Director of Heirs Life Assurance, Mr. Niyi Onifade, stated: “From the beginning, we were determined not just to participate in the industry but to transform it. Today, we are proud to say that we have become a customer-centric insurance group, having impacted and protected more than three million customers over the past five years,”
- Emphasizing that speedy payouts are critical to maintaining the company’s reputation, Onifade noted: “At the point of claims, you either destroy trust or build trust. We have chosen to build trust through prompt claims payment because delayed claims can create anxiety for customers,”
- Mapping out the long-term continental vision for the financial services group, Onifade added: “The first five years have been remarkable, but the next 15 years will be about building an African insurance powerhouse. We are here for the long haul and our aspiration is to become a leading insurance group across the continent,”
- Detailing the strategy to bring micro-insurance protection to everyday citizens, the Managing Director of Heirs General Insurance, Mr. Wole Fayemi, shared: “Our goal was to democratise insurance and support financial inclusion by ensuring that the rich, the middle class and even the lowest-income earners can benefit from insurance protection. We leveraged technology to take insurance to the grassroots while also serving high-net-worth customers.”
- Reaffirming the general insurance unit’s commitment to immediate financial settlements, Fayemi stated: “There has never been a year since we commenced operations that we have not paid billions of naira in claims. As of today, Heirs General Insurance alone has paid well over N4 billion in claims this year, and we remain committed to settling all genuine claims promptly,”
What’s Next
- Heirs Insurance Group will deploy its updated “Prince AI” digital interface to automate policy renewals across its growing retail base.
- Regional expansion teams will begin regulatory assessments to secure operating licenses in target African countries.
- Corporate responsibility teams will expand their sustainability footprint by launching new academic scholarship schemes and environmental preservation projects.
Bottom Line
Heirs Insurance Group celebrated its fifth anniversary by announcing N88 billion in gross premiums and three million protected customers, backed by an active claims payout structure including over N4 billion distributed by Heirs General Insurance so far in 2026.
