Sovereign Trust Insurance Plc in its commitment to settling all genuine claims as and when due has paid out N2.79 billion to various insured ho suffered losses during the 2019 financial year.
In a statement made available by Segun Bankole, company’s spokesperson and head of Sales and Corporate Communications said that the underwriting take as priority settlement of genuine claims when they occur.
He stated that the claims experience in 2019 was higher when compared to the N4.2 billion paid in 2018.
The summary of the claims paid in 2019 shows that fire had the highest figure of N932 million with Oil and Gas Insurance ranking second with total claims settled to the tune of N701 million. Motor Insurance claims amounted to N537m while Marine & Aviation claims stood at N305m. The total sum of N248m was paid as claims on General Accident Policy with CAR closing the figures with N56m bringing the total claims paid to N2.7bn.
While commenting on the intent of the organization as regards claims settlement, Jude Modilim, executive director, Technical Operations said “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers enjoy the benefits of taking out any form of insurance policy with us. That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm We intend to uphold this obligation and we will continually strive to make good our promise, he said.
In the same vein, Olaotan Soyinka, managing director/CEO of the company stated that it has put in place a friendly-claim-process with the aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.
Our commitment to uphold the tenets of our Vision and Mission has made the company one of the Country’s most relevant and responsive insurance Company in the country.
Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices spread over (18) locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.
