Insurer pays N2.5bn claims in Q3 2021

Insurer pays N2.5bn claims in Q3 2021

Sovereign Trust Insurance Plc said it has paid the sum of N2.5 billion as claims settlement to policyholders who suffered loss in the third quarter of the year which ended  last September.

A breakdown of the payment during the nine months under review showed that energy/oil & gas insurance had the highest figure to the sum of  N774 million, fire and allied perils accounted for N505.5 million, while N460 million was paid as claims under motor insurance. 

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A further analysis showed other figures as N355 million for general accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance.

Commenting on this development, the company’s Managing Director/CEO, Olaotan Soyinka, said: “One of our means of advertisement in Sovereign Trust Insurance Plc is prompt claims settlement and it has helped to strengthen the relationship with our customers. We do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, ethics and promptness”. 

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On his part, the Executive Director, Technical, Jude Modilim, said “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because that is the barometer for our customers to determine 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 as long as the claims are genuine and treated accordingly.”

Speaking further, Modilim stated that the company has put in place a friendly claim-process which ensures that claims are settled within the shortest period possible. “The processes, involved from the moment a claim is reported and the period the customer receives the cheque ,have been made as seamless as possible” he stated.

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