Wednesday, May 29, 2024
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HomeInsuranceWe settled N13.3bn claims in 5yrs----Sovereign Trust Insurance

We settled N13.3bn claims in 5yrs—-Sovereign Trust Insurance

  Sovereign Trust Insurance (STI) Plc said that it has paid claims amounting N13.3 billion in five years to its clients   that suffered different kinds of losses. The figure of claims by Sovereign Trust Insurance Plc  in five years translate to an average of N2. 66 billion claims payment in one year.

The claims paid out between 2016 and 2020 underscores the company’s strong financial ability and undeterred commitment to guarantee peace of mind to all its customers as they go about their businesses without fear on a daily basis.

A claim is a reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance policy.

According to the data made accessible to journalists, Sovereign Trust Insurance Plc paid a total of N13, 312,459,054 during the five-year period to different insured across the country and across her major product lines.

The breakdown of the claims shows that Energy insurance ranks number one with N4.2billion while Fire insurance is number two with N3.1billion.Motor insurance ranks third with N3.036billion as General Accident comes fourth with N1.3billion and Marine is fifth on the table with N1.2billion while Construction All Risk Insurance (CAR & Engineering) is the sixth with N235million.

Olaotan Soyinka, Managing Director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said,“it is in the policy of the company to pay all genuine claims promptly while stating that claims payment is one of the paramount reasons for their being in business”.

Soyinka furthersaid,“We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our Broker partners who have continued to do business with us over the past years”.

He said insurance is about building trust and confidence, and that is why customers who benefit from our service go ahead to recommend us to other customers without our knowledge.

He added that the company has built capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.

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