Nigeria’s insurance industry is seeking new ways to expand coverage and improve public confidence as millions of Nigerians remain outside the formal insurance system.
Against this backdrop, Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board.
The appointment, which took effect on August 10, 2026, is expected to support the company’s efforts to deepen financial inclusion, improve consumer education and make insurance more accessible to Nigerians.
Insurance Penetration Remains a Major Challenge
One of the biggest challenges facing the Nigerian insurance industry is the country’s low insurance penetration.
Despite Nigeria’s large population and status as Africa’s largest economy, insurance penetration remains below one per cent. This means that a significant proportion of households and businesses have limited access to structured financial protection against unexpected events.
For insurers, the challenge goes beyond developing new products.
There is also a need to build public trust, improve financial literacy and demonstrate the practical benefits of insurance to consumers.
Heirs Life says Eze’s appointment will contribute to these efforts by bringing his experience in community engagement and communication to the company’s board.
Building Greater Public Trust in Insurance
Insurance companies operating in Nigeria have increasingly focused on improving customer experience and expanding digital access.
However, public perception and understanding remain important factors affecting insurance adoption.
Many Nigerians still have limited knowledge of life insurance and how it can protect families against financial difficulties following death, disability or other unexpected circumstances.
Heirs Life is positioning its business around making financial protection more accessible while using digital platforms and physical branches to reach a wider customer base.
The company believes Eze’s extensive engagement with communities could provide useful insight into how insurers can communicate more effectively with consumers.
Pastor Jerry Eze Brings Extensive Community Reach
Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, which has branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), a digital prayer platform that reaches millions of people.
His extensive public engagement gives him a significant platform for communicating issues relating to financial responsibility, resilience and community development.
Beyond his ministry activities, Eze is also the Founder of the Jerry Eze Foundation, which provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced ₦1 billion in grants for young entrepreneurs in agriculture, technology and manufacturing.
Experience in Development Communications
Eze also brings professional experience outside the religious and philanthropic sectors.
Before entering full-time ministry, he worked in development communications, including as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
His communications background could be particularly relevant to an insurance sector that needs stronger consumer education and clearer communication about insurance products.
Elumelu Highlights Financial Inclusion
Commenting on the appointment, Tony O. Elumelu, CFR, Chairman of Heirs Life Assurance, said Eze’s experience with people and communities would support the company’s financial inclusion objectives.
“Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.”
Elumelu said Eze’s insight would help the company strengthen consumer trust, deepen financial inclusion and protect the financial future of millions of Nigerians.
The chairman added that Heirs Life was pleased to welcome Eze to its board and the wider Heirs Insurance Group.
Eze Targets Wider Insurance Access
Eze said financial security gives individuals, families and businesses greater confidence to pursue their aspirations.
“I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry.”
He said he looked forward to working with the board and management to make insurance more accessible, relevant and impactful for Nigerians.
A Wider Push for Insurance Adoption
Heirs Life Assurance is one of three insurance businesses under Heirs Holdings, alongside Heirs General Insurance and Heirs Insurance Brokers.
The group says it serves more than three million people directly and indirectly and is focused on expanding financial inclusion through digital insurance and other customer-focused solutions.
Heirs Life has also combined digital channels with physical branches across Nigeria as it seeks to increase access to life insurance.
The appointment of Pastor Jerry Eze therefore comes at a significant point for Nigeria’s insurance industry.
As insurers seek to increase penetration, the sector will need to combine digital innovation, consumer education, affordable products and stronger public trust.
For Heirs Life, bringing a widely recognised community-focused figure onto its board reflects the company’s broader ambition to take insurance beyond traditional markets and make financial protection more relevant to everyday Nigerians.
