Nigeria’s insurance penetration drive gained momentum as Heirs Insurance Group (HIG) said it has surpassed three million policyholders within five years of operation in the country.

The development comes at a time when operators are under pressure to expand insurance coverage beyond corporate accounts and affluent customers to millions of underserved Nigerians.

There are also concerns over the industry’s less-than-one per cent penetration rate in a country with over two hundred million people.

Stakeholders said the milestone underscored a gradual transformation in the insurance landscape, where technology, simplified products and faster claims settlement are beginning to address longstanding barriers to adoption, including low public trust.

Speaking at a media briefing in Lagos, the Chief Executive Officer/ Sector Head of Heirs Insurance Group, Niyi Onifade, said the company has grown its customer base to more than three million individual and corporate policyholders since commencing operations in 2021.

According to him, the growth reflects increasing acceptance of insurance products among retail customers, driven largely by digital channels and a customer-centric business model.

The growth trajectory of Heirs Insurance mirrors a broader shift within the industry towards technology-enabled distribution models, which target younger demographics and previously excluded segments of the population.

Onifade said the company paid N21 billion in claims in 2025, stressing that the prompt settlement of claims remained central to rebuilding confidence in insurance.

“The insurance business is fundamentally about trust. Everything we do asks how it impacts the customer. With over three million lives protected, we believe we are making a meaningful contribution to closing Nigeria’s protection gap,” he said.

Financial performance released by the insurer showed that its profit rose to N7.5 billion, while total assets expanded to 136 billion, reflecting growth across both its life and general insurance businesses.

Financial Times had ranked Heirs Life Assurance as the seventh fastest-growing company in Africa and Heirs General Insurance as the 41st fastest-growing company across sectors.