Sovereign Trust Insurance pays N1.07bn claims in Q3 2016


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Chuks Udo Okonta

Sovereign Trust Insurance Plc, says it paid N1.07 billion claims in third quarter of 2016.

Its Divisional Head, Technical, Tajudeen Rufai, who disclosed this in a statement, noted that the summary of the claims composition paid in the third quarter of 2016, shows that Motor Insurance had the highest figure of over N400 million, claims settled on Fire and Allied Perils stood at well above N250 million while the total sum of N255 million was paid as claims on General Accident, Energy/Oil & Gas claims came to N93 million Marine/Aviation gulped N49 million with Engineering closing the figures with N21 million

While commenting on the intent of the organisation as regards claims settlement, the Divisional Head, said: “There is no compromise to claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our customersget 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.”

The Managing Director/CEO of the firm, 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,” he added.

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