STI records N4.2b claims payment

Sovereign Trust Insurance Plc (STI) has continued to affirm commitment and capacity to honour all genuine claims as and when due, as it settled claims totaling N4.24 billion to various insured, spread across the country in 2018.

A statement by the company’s spokesperson and Head of Corporate Communications and Brand Management, Segun Bankole, posited that underwriting is not about paying lips service to settlement of genuine claims when they occur.

He however, stated that the claims experienced in 2018 were quite humungous, which he attributed to the downturn in the economy.

According to him, every insured wants claims at every given opportunity, which really escalated the figure for the year.

The summary of the claims paid in 2018, showed that Energy had the highest figure of N2.1 billion, as Fire Insurance ranked second with N664 million.

Motor Insurance’s claims amounted to N567 million, while Marine and Aviation claims stood at N447 million.

The total sum of N333 million was paid as claims on General Accident Policy, with Engineering closing the figures at N41 million, bringing the total claims paid to N4.24 billion.

While commenting on the intent of the organisation as regards claims settlement, the Executive Director, Technical Operations, Jude Modilim, said “there is no compromise to genuine claims settlement in Sovereign Trust Insurance because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking any form of policy with us.”

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 always continually strive to make good our promise.

The Managing Director/Chief Executive Officer of the organisation, Olaotan Soyinka, 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.

He maintained that the firm is committed to upholding the tenets of its vision and mission has made it one of the country ís 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.