Heirs Life Assurance: Five years of disruption in Nigeria's insurance sector
By Aboki Forex —
When Heirs Life Assurance launched in 2021, it entered a Nigerian insurance industry often criticised for low penetration, weak public trust and limited innovation. Five years later, the company has emerged as one of the continent's fastest-growing businesses. It earned recognition from the Financial Times and established itself as a disruptive force in the sector.
For Chief Executive Officer Niyi Onifade, the company's rapid rise was neither accidental nor the product of short-term ambition. It was the culmination of years of preparation, a clear strategy and an unwavering commitment to execution.
Those seven years before the company received its operating licence were not wasted. Onifade said they were carrying out research. Before getting licensed, they already knew the pain points of Nigerians.
That research shaped the company's understanding of one fundamental truth. Nigerians are willing to buy insurance when it works.
People say Nigerians do not believe in insurance, Onifade said. But we know Nigerians believe in insurance that works.
From the outset, Heirs Life focused on a purpose-driven strategy built around improving lives and making insurance accessible to more Nigerians and ultimately across Africa.