Sovereign Trust Insurance Plc has released its third quarter claims record detailing total claims paid between January and September 2021. The full picture of claims figures reveal that the sum of N2,515,004,405.67 (Two billion five hundred and fifteen million, four thousand, four hundred- and five-naira, sixty-seven kobo only) was paid in the period under review.
A rundown of the claim’s composition paid shows energy/oil & gas insurance coming top with N774 million,(seven hundred and seventy-four million), fire and allied perils accounted for N505.5 million while N460million was paid as claims under motor insurance. Other figures released are, N355 million for general accident, N215 million for engineering/contractors’ all risk insurance and N203 million for marine & aviation insurance.
While commenting on the claim’s payment, 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.”
Modilim comments further 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 concluded.
Strengthening this, the managing director/CEO of the organization, Olaotan Soyinka (pictured) stated that “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.”
Sovereign Trust Insurance Plc claims formation, its 18 branch network and towering shareholders fund in excess of N8.6bn was not missed by a renowned marketing communications firm and was recently awarded “Outstanding Insurance Company of The Year.”