Sovereign Trust Insurance pays N1.5bn claims

Sovereign Trust Insurance Plc on Monday said it paid claims of N1. 597 billion in the first half of 2022 to various clients across the country.

Mr Segun Bankole, Head of Corporate Communications and Investor Relations of the company, said this in a statement in Lagos.

“The summary of the claims paid half year 2022 shows that fire insurance had the highest figure of N605.4 million while motor insurance ranked second with total claims settled to the tune of N353.8 million.

“Followed by general accident insurance claims amounting to N268.3 million while energy and oil and gas claims stood at N176.7 million.

“The total sum of N117.6 million was paid as claims on engineering and car while marine and aviation closed figures with N57.9 million, bringing the total claims paid to N1.579 billion,” he said.

Bankole stated that the insurer had continued to demonstrate unwavering commitment and capacity to settle all genuine claims as and when due.

According to him, claims experience at half year 2022 indicated that more attention to details must be put in place when accepting businesses from any client.

He said this was necessary as a lot of policyholders these days wanted to tender claims at any given opportunity.

He attributed the development to the economic situation in the country where people tried to manage their financial burdens on a daily basis.

According to him, a significant number of customers have started appreciating the role of insurance in their everyday life and that accounts for the sum paid as claims during the period.

The Managing Director/Chief Executive Officer of the firm, Mr Olaotan Soyinka, said the company had put in place a friendly-claim-process payment system.

Soyinka noted that this was to ensure that claims were settled within the shortest period possible on completion of 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 in the Nigerian insurance landscape with a network of offices in all the major cities of the country.

“This is buoyed by cutting-edge technology in delivering seamless and convenient insurance services to all teeming customers in the country and beyond,” he said.