STI settles N1billion claims in nine months
Sovereign Trust Insurance Plc has settled claims to the tune of N1 billion in the first three quarters of 2016.
According to the firm, a breakdown of the claims composition showed that Motor Insurance had the highest figure of over N400million, Fire and Allied Perils stood at well above N250million while the total sum of N255million was paid as claims on General Accident, Energy/Oil & Gas claims came to N93million.
Marine/aviation got N49million with Engineering closing the figures with N21million.
Commenting on the intent of the organization as regards claims settlement, the Divisional Head said: “there is no compromise to claims settlement in Sovereign Trust 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”
Speaking further, the Managing Director/CEO, Olaotan Soyinka said 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 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.”