Sovereign Trust Insurance pays N2.5bn claims 9-months
Sovereign Trust Insurance Plc has shown avowed commitment to claims settlement, paying a total of N2.5 billion within the first 9-months of 2021.
The Underwriting Firm, which recently released its third quarter claims record detailing total claims paid between January and September 202 revealed that the sum of N2.52 billion had been paid in the period under review.
A rundown of the claim’s composition paid during the nine months period shows Energy/Oil & Gas Insurance having 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.
Other figures as released by the organization are, N355 million for General Accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance.
Commenting on the payment, Jude Modilim, executive director, Technical, 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.”
While commenting further, Modilim stated that the company has put in place a friendly-claim-process which ensures that claims are settled within the shortest period possible. “The processes involved from the moment a claim is reported and the period the customer receives the cheque have been made as seamless as possible” he concluded.
In the same vein, Olaotan Soyinka, managing director/CEO of the organization, stated that “one of our means of advertisement in Sovereign Trust Insurance Plc is prompt claims settlement and it has helped to strengthen 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”.
Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with a network of eighteen (18) locations spread across major commercial cities in the country. With a Shareholders fund in excess of N8.6 billion, Sovereign Trust Insurance Plc towers high above its peers in the industry. It will be recalled that Sovereign Trust Insurance was recently awarded the “Outstanding Insurance Company of the Decade” by Marketing Edge, a renowned Marketing Communications Outfit in the country.