Sovereign Trust Insurance pays N2.9bn claims in 2020
Macnaging Director/CEO Sovereign Trust Insurance, Mr. Olaotan Soyinka
Sovereign Trust Insurance Plc in year 2020 settled claims totaling N2 900,626,054.21 (two billion, nine hundred million, six hundred and twenty-six thousand, fifty-four-naira, twenty-one kobo) to various insured spread across the country.
The company affirmed its commitment and capacity to continue to obligate all genuine claims as and when due.
In a statement issued by the company’s Spokesperson and Head of Sales and Corporate Communications, Mr. Segun Bankole, pointed out that the Underwriting Firm is seriously committed to claims settlement as and when due beyond lips service, stating that the claims experience in 2020 was quite interesting in the sense that the company had to settle some claims that emanated as a result of the civil commotion in the country occasioned by the endsars protests in major parts of the country.
He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday life and that accounted for the sum paid as claims in 2020.
The summary of the claims paid in 2020 shows that Motor had the highest figure of N948m with energy Insurance ranking second with total of N802.3m; Fire Insurance N562.8m while Marine & Aviation claims stood at N284.6m. The total sum of N236.6m was paid as claims on General Accident Policy with Engineering closing the figures with N66.4m bringing the total claims paid to N2.9 billion.
While commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, Mr. Jude Modilim had this to say, “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 get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise.
In the same vein, the Macnaging Director/CEO of the organization, Mr. Olaotan Soyinka also stated that the company has put in place a friendly-claim-process with the major 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.
According to him, “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 companies. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”
