Sovereign Trust Pays N2.5bn Insurance Claims In 9months

Sovereign Trust Pays N2.5bn Insurance Claims In 9months

10/25/2021 10:27:00 AM

Sovereign Trust Pays N2.5bn Insurance Claims In 9months

Sovereign Trust Insurance (STI) Plc has paid N2.5 billion as claims to its teeming policyholders who suffered insured risks between January and September

This, according to the insurer, is part of its avowed commitment to claims settlement.In its recently released claims report, the N2.5 billion was paid between January and last month.A breakdown of the claims paid during the nine months period shows Energy/Oil & Gas Insurance got the highest figure of N774 million; Fire and Allied Perils accounted for N505.5 million while N460 million was paid as claims under Motor Insurance.

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Other figures as released by the organisation are: N355 million for General Accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance.ADVERTISEMENTWhile commenting on the claim’s payment, the managing director/chief executive officer of the organisation, Olaotan Soyinka stated that, “one of our means of advertisement in Sovereign Trust Insurance Plc is prompt claims settlement and this has strengthened the relationship with our customers. We do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, ethics and promptness.”

In the same vein, the executive director, technical, Jude Modilim, said: “There is no compromise to claims settlement in Sovereign Trust Insurance Plc because that is the barometer for our customers to determine whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time as long as the claims are genuine and treated accordingly.”

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