Sovereign Trust Insurance pays over N1bn in Q3 2016 as claims

…restates commitment to prompt claims settlement

Nigeria’s number one underwriting firm, Sovereign Trust Insurance Plc has reaffirmed its commitment to claims settlement with the payment of N1,075,012,780.84(One Billion, Seventy Five Million, Twelve Thousand, Seven Hundred and Eighty Naira, Eighty-Four Kobo) in the third quarter of 2016.

In a statement made available by the company through the Divisional Head, Technical, Mr. Tajudeen Rufai, reveals that the Underwriting Firm had obligated various claimants to the tune of N1,075,012,780.84(One Billion, Seventy Five Million, Twelve Thousand, Seven Hundred and Eighty Naira, Eighty-Four Kobo)as at the third quarter of 2016.

The Summary of the claims composition paid in the third quarter of 2016,shows that Motor Insurance had the highest figure of over N400M, claims settled on Fire and Allied Perils stood at well above N250M while the total sum of N255M was paid as claims on General Accident, Energy/Oil & Gas claims came to N93M, Marine/Aviation gulped N49M with Engineering closing the figures with N21million.

While commenting on the intent of the organization as regards claims settlement, the Divisional Head had this to say, “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our 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 at all times”

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 our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies 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.