Sovereign Trust settles N386.93m claims in Q2

Sovereign Trust Insurance Plc has continued to demonstrate avowed commitment towards prompt claims settlement as it paid out a total sum of N386.933 million as claims in the first quarter of the year.

A statement released by the company said the total claims figure was duly verified by the National Insurance Commission, NAICOM for the period under review.

A rundown of the claims profile revealed that motor insurance claim recorded the highest figure of N151.402 million, general accident accounting for N140.801 million, while N78.830 million was paid under fire insurance. Others are N9.9 million for marine & aviation insurance while N6 million was paid as claim under engineering class of insurance.

The Managing Director/Chief Executive Officer, Olaotan Soyinka, stated that over the years, the company’s prompt claims settlement has helped to strengthen the relationship between the company and our customers across the country. “In his words, we do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.

The Divisional Head, Technical, Rufai Tajudeen, reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods. He said, “there is no compromise to claims settlement in Sovereign Trust Insurance Plc and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”.