Sovereign Trust Insurance Plc Pays N2.7Bn claims in 2019 as fire claims top list
Managing Director/CEO of the organization, Mr. Olaotan Soyinka
Sovereign Trust Insurance Plc just recently released the figures of claims settled in 2019 in affirmation of its commitment in settling all genuine claims as and when due.
The company, in the last year settled claims totaling N2,785,105,193.37 (two billion, seven hundred and eighty-five million, one hundred and five thousand, one hundred and ninety- three-naira, thirty-seven kobo) to various insured spread across the country.
In a statement made available by the company’s Spokesperson and Head of Sales and Corporate Communications, Mr. Segun Bankole, posited that the Underwriting Firm is not about paying lips service to settlement of genuine claims when they occur.
He however, stated that the claims experience in 2019 was quite commendable when compared to the N4.2b figure of 2018. This, he attributed to the improved claims management process of the Underwriting Firm which has largely been driven by a robust IT infrastructure.
The summary of the claims paid in 2019 shows that Fire had the highest figure of N932m with Oil and Gas Insurance ranking second with total claims settled to the tune of N701m. 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 N2.7b.
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 always continually strive to make good our promise.
In the same vein, the Managing 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.
“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 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,” the MD said.
