The volume of premium delivered by insurance companies in 2022 has risen to about N726.

2b,
Nigerian Insurers Association (NIA) has said. Chairman, NIA, Olusegun Omosehin, who disclosed
this during the association's yearly general meeting in Lagos, said that the figure recorded
represents an increase of 33.9 per cent over the premium income of N569.1 billion recorded in
2021.

According to data recently published by the National

Insurance Commission (NAICOM),
The nation's insurance sector gross premium has risen to N551.4 billion at the end of the second
quarter of 2023, as against N369.2 billion at the same time in 2022, according to data from the
National Insurance Commission (NAICOM).
FBQuest analysts recorded that the growth represents an increase of 49 percent quater by
quarter (q/q) and 77 percent (yly) respectively.
The total premium income comprised income generated from life and non-life insurance
businesses.
Nigeria's insurance sector has continued to deliver double-digit growth in the face of numerous
macroeconomic challenges, including high inflation, rising energy prices and fx shortages,
according to FBNQuest in its monthly report.
The robust y/y growth in premium income was underpinned by an 81 percent y/y expansion in
the non-life business to N362.4 billion in 02
23. Although all non-life business segments increased significantly, fire insurance was the largest
contributor.
The life insurance business which accounted for about 34 percent of the sector's premium
income was also up by 77 percent y/y to N189.0 billion in 02 23.
On a cumulative basis, the total premium income generated by the sector increased by 45
percent y/y to N862.9 billion in H1 '23.

According to the latest national account, the insurance sector grew by 7.3 percent y/y. This
compares to growth rates of -8.0 percent y/y and 6.9 percent y/y in 01 '23 and Q2 22
respectively.
With respect to market size, the sector's total assets increased by 18 percent y/y to N2.7trn as at
02 23.
The modest y/y rise in the industry's total assets was due to a 33 percent y/y increase in the asset
size of the non-life insurance business to N1.6 trillion.
The total asset of the life insurance business was flat y/y at N1.1 trillion.
While the insurance sector has made considerable progress in recent years, it still has a long way
to go in addressing the low level of insurance penetration in the country, FBNQuest analysts said.

The Nigerian insurance sector remains underpenetrated despite achieving a N312 gross premium
income in the first quarter of 2023, FBN Quest says in the latest report on the insurance industry.
According to the most recent data from the National Insurance
Commission (NAICOM), the gross premium generated by the insurance sector increased by 39
percent year on year (y/y) to N312bn in 01 '23.
However, on a quarter-on-quarter basis (g/q) basis, the gross premium income declined
significantly by 47 percent quarter on quarter. The total premium figure comprised of income
generated from the life insurance and non-life insurance businesses, which were down by -64
percent q/g and -52 percent q/q to N111 billion and N201 billion, respectively.
The marked q/q decline in the sector's gross premium income can be attributed to the negative
impact on economic activity resulting from the cash crunch caused by the Central Bank of
Nigeria's (CBN) naira redesign policy.
Despite the q/q drop in revenue generated in Q1 '23, Nigeria's insurance industry has made
considerable progress. This is reflected in both the sector's gross premium generation and market
size.
However, the industry remains underpenetrated, with individuals exposure to insurance products
and services in the country still low. To put this into perspective, Nigeria's level of insurance
penetration rate stands at less than 1 percent, according to a 2022 industry survey report by
Augusto and Co.
According to FBN Quest, the result is quite discouraging, particularly considering that Nigeria has
a population size of over 200 million people.
Although one of the objectives of the National Financial Inclusion
Strategy launched by the CBN in 2012 was to achieve a 40 percent insurance coverage rate in
Nigeria by 2020, there remains significant ground to cover in achieving this target.

pront grew by 109 per cent, irom Ivo70 million in 2021 to N1.4 billion in 2022, with a profit
before tax (PBT) growth, from a loss position of N279 million to a positive position of N350
million in 2022, a 226 per cent jump.
Heirs Insurance Group paid a cumulative
N2.6 billion in claims to policyholders who suffered insured risks in its 2022 financial year.
While Heirs Life paid total claims of N1.5 billion in 2022, a 484 per cent increase from N257
million paid out in 2021, Heirs General Insurance paid N1.1 billion in claims in 2022, an increase
from N572 million paid in 2021.
The figures were disclosed in the
NAICOM -approved 2022 financial statement, audited by PwC.

Nigeria's low level of insurance coverage is due to multiple factors, including lack of awareness,
weak regulatory structure, and low standard of living, among others.
It also noted that the non-payment and delay in claims settlements to customers has been a
persistent issue in the industry and has created negative perceptions of individuals towards
insurance products.
Moving forward, more awareness and sensitisation must be created on the benefits of insurance
products and services, especially those in the informal sector.
Additionally, there is a need to build public confidence and perceptions of the insurance business
through timely and fair claims settlement.
"We also recommend that the sector continues to expand distribution of its products through
digitization methods, which would facilitate the adoption of insurance and further drive financial
inclusion in the country."
Addressing these issues and deepening insurance penetration, could unlock the immense
potential of Nigeria's insurance market and contribute significantly to economic growth,
FBN Quest said.

catastrophes," Omosehin noted.

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According to him, the association is working closely with the National Insurance Commission
(NAICOM) and other stakeholders within the financial services and technology segments to
promote the business of insurance.
Director-General, NIA, Mrs. Yetunde Ilori, said that in the course of the year under review, the
association collaborated on a joint project with the Lagos State Vehicle Inspection Service (VIS).
Ilori said the collaboration is on enforcement and validation of genuine compulsory motor third
party insurance.
She said that this was made mandatory by extant laws through the Automatic
Number Plate Recognition (ANPR) device of VIS and the Nigerian Insurance Industry Database
(NIID), verification platform of
NIA.

Heirs General Insurance (HGI) and Heirs

Life Assurance (HLA) have introduced
multiple digital channels to make insurance transactions easier for
customers.
The mobile and digital channels include a chatbot called Prince, which resolves customers'
inquiries, a USSD channel for Heirs Life and mobile apps - Simple Life by Heirs Life Assurance and
Simple Protect by Heirs General Insurance.
The products demonstrate the company's promise of superior value to customers and accessible
service while driving financial inclusion for everyone.
The channels directly tackle the challenge of low insurance penetration across Nigeria, opening
the industry to new customers, who require protection for their assets and financial security for
their loved ones, the companies said.
Using mobile and web apps called Simple
Life and Simple Protect respectively, customers can open new policies, manage existing policies,
file claims and get instant support, right from their phones without visiting an office or speaking
to an agent.
"With the chatbot, customers get instant, personalised insurance service virtually and twenty-
four hours a day. In today's fast-paced world, Prince enables seamless and effortless service for
existing and potential customers of Heirs General Insurance and Heirs Life," a statement by the
company said.
Despite the economic headwinds that characterise the business environment in the past year,
underwriting firms, Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), said they
recorded a 226 per cent jump in gross written premium (GWP), from N6.1 billion in 2021 to
N19.9 billion last year.
The underwriters also said that there is a
need for them to demonstrate Tony Elumelu's Heirs Holdings' desire to disrupt the Nigerian
insurance market, bringing value, great customer service and relevant products to the mass
market, while delivering on the mission of providing insurance for all.
Heirs Life, the specialist life insurer, recorded a 326 per cent increase in GWP, from N2.7 billion in
2021 to N11.5 billion in 2022 while Heirs Life announced a 494
per cent growth in life funds, from N1.7 billion in 2021 to N10.1 billion in 2022.

Heirs Insurance, Life Assurance partner UBA on bancassurance business

By Bankole Orimisan
15 September 2022 | 2:37 am
Underwriting firms, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have partnered
with the United Bank for Africa (UBA) to commence
bancassurance business to increase
insurance acceptance in the country.
The partnership will allow the distribution of cheap and dependable insurance products for
Nigerians, at UBA
Nigeria branches, providing a wider range of financial security options for individuals, families,
and businesses, whilst driving financial inclusion, a strategic objective for both groups. The rollout
began yesterday.
The bancassurance partnership offers customers of all three entities an
expanded distribution network and the ability to seamlessly transact banking and insurance
needs in a single location.
Customers will be able to purchase insurance from all the bank distribution channels, including
the branches.
Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and
customer experience, that emphasises simplicity and accessibility, propelled by their innovative
digital insurance processes.
The new bancassurance partnership underlines the partners' mission of improving lives and
transforming Africa while democratising access to financial services.
Speaking on the partnership, the Managing Director/Chief Executive Officer, Heirs Insurance,
Adaobi Nwakuche, said: "We partnered with a trusted and innovative bank such as the
United Bank for Africa.
This partnership will offer millions of people nationwide the financial security that is so needed.
"According to her, they are committed to a transformative path of improving the lives of
Nigerians, while ensuring that insurance is made accessible to all.
The Managing Director/Chief Executive Officer, Heirs Life Assurance, Niyi Onifade, said: "We
promised Nigerians accessibility to insurance, and this bancassurance partnership is one of the
key ways we are fulfilling that promise.
The new bancassurance partnership with
UBA reaffirms our shared digital-first approach and innovation culture, which inspire us to
provide the utmost value to our customers. We appreciate our regulator, the National Insurance
Commission, and of course, the Central Bank of Nigeria for granting us the necessary approval
and placing their confidence in us"
Speaking on the rollout, the Group Managing Director, UBA, Oliver Alawuba, said: "As a financial
institution, with a presence in 20 African countries, and the USA, France, UK and the United Arab
Emirates, UBA prides itself on being an innovative, one-stop-shop offering financial solutions to
its over 35 million customers, from our various touchpoints.
This partnership with Heirs Insurance
Limited and Heirs Life Assurance helps us once again to significantly expand our branch and
digital offering, to the benefit of our customers and advance our commitment to driving financial
inclusivity."
He added, "Our customers and those of Heirs' insurance families will enjoy a bouquet of
innovative and affordable products, through the rich distribution channels provided by UBA".