Sovereign Trust Insurance settles N1.5bn claims in H1 2022

Sovereign Trust Insurance

Sovereign Trust Insurance Plc has demonstrated its commitment to pay genuine claims to clients affected by settling claims totaling N1,597,968,624.30 (one billion, Five hundred and ninety-seven million, nine hundred and sixty – eight thousand, six hundred and twenty -four naira, thirty Kobo, to various categories of its policyholders in the first half of the year. 

A statement by the Head of Corporate Communications  and Investor Relations, Mr. Segun Bankole, said that prompt claims settlement was a proof of the underwriter’s commitment to its obligations. 

Bankole maintained that owing to the amount settled, there was need for critical attention to details when negotiating business from the publics as a lot of policyholders come for claims at any given opportunity. This development, he said was occasioned by the economic situation of the country where everyone tries to manage the financial burden they have  to deal with on a daily basis. 

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Summary of the claims paid shows that Fire Insurance had the highest figure of N605.4million with Motor Insurance ranking second with total claims settled to the tune of N353.8million.

General Accident Insurance claims amounted to N268.3million while Energy/Oil & Gas & claims stood at N176.7million. The total sum of N117.6million was paid as claims on Engineering/CAR with Marine/Aviation closing the figures with N57.9million bringing the total claims paid to N1.579billion.

Executive Director, Technical Operations, Mr. Jude Modilim said, “There is no compromise to genuine claims settlement in Sovereign Trust because the major focus of the company is to ensure that our teeming 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.  This  is a prove that we are alive to our responsibilities as an underwriting firm. We intend to uphold this obligation and we will continually strive to make good our promise,” 

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Similarly, the Managing Director/CEO of the organisation, Mr. Olaotan Soyinka, revealed that the company has put in place a friendly-claim-process aimed at  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 documentations. “Our commitment to uphold the tenets of our Vision and Mission has made us one of the country’s most relevant and responsive insurance companies. We are no doubt formidable force to reckon with in the Nigerian insurance landscape, buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country,,” he affirmed. 

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