Sovereign Trust Insurance PLC settles N.3 billion claims in first quarter of 2016.


Sovereign Trust Insurance Plc has continued to demonstrate avowed commitment towards prompt claims settlement as the underwriting firm paid out a total sum of  N386,933,565.26, (Three Hundred and Eighty-Six Million, Nine Hundred and Thirty-Three Thousand, Five Hundred and Sixty-Five Naira Twenty-Six Kobo) as claims in the first quarter of the year. In a statement recently released by the organization and made available to the media, the total claims figure was duly verified by the Industry’s regulatory authority, the National Insurance Commission, NAICOM for the period under review.

A rundown of the claims composition paid revealed that Motor Insurance claim recorded the highest figure of N151,401,865.12, (One fifty-one million, four hundred and one thousand, eight hundred and sixty-five naira, twelve kobo) followed by General Accident accounting for N140,800,782.03 (One hundred and forty million, eight hundred thousand, seven hundred and eighty-two naira, three kobo) while N78,830,490.06(Seventy-eight million, eight hundred and thirty thousand, four hundred and ninety naira, six kobo) was paid as claim under Fire Insurance. Other figures as released by the organization are N9,900,023.79 (Nine Million, nine hundred thousand, twenty three naira, seventy-nine kobo) for Marine & Aviation Insurance while N6,000,403.46, (Six million, four hundred and three thousand, forty-six kobo) was paid as claim under Engineering class of insurance.

While commenting on the claims payment, the Divisional Head, Technical, Mr. Rufai Tajudeen reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods. In his words, “there is no compromise to claims settlement in Sovereign Trust Insurance Plc and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining 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”.

He further stated that the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.

In the same vein, the Managing Director/Chief Executive Officer of the organization, Mr. Olaotan Soyinka stated that over the years, the company’s prompt claims settlement has helped to strengthen the relationship between them and their various customers across the country. “In his words, we do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.

Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with its extensive branch network spread across the geographic regions of the country.