Sovereign Trust Insurance Plc, has continued to affirm its willingness and capacity to honour all genuine claims as and when due. The company, in its half year release of the total claims paid showed it had obligated a total sum of N981,433, 786.47, (Nine hundred and Eighty-One Million, Four Hundred and Thirty-Three Thousand, Seven Hundred and Eighty-Six Naira, Forty-Seven Kobo) to various insured spread across the country.
In a statement made available by the company’s Spokesperson and Head of Corporate Communications & Brand Management, 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 so far has been very alarming which he attributed to the downturn in the economy. According to him, “every insured wants to claim at every given opportunity which has really escalated the claims figure since the beginning of the year up to this point”.
The Summary of the claims composition paid in the second quarter of 2017, shows that Energy, Oil and Gas Insurance had the highest figure of N296m while Motor Insurance ranked second with total claims settled of N261m. Fire and Allied Perils stood at N246m. The total sum of N101.9m was paid as claims on General Accident, Marine/Aviation gulped N46m with Engineering closing the figures with N29m.
While commenting on the intent of the organization as regards claims settlement, the Divisional Head, Technical, Mr. Rufai Tajudeen 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.