Sovereign Trust Insurance Plc has in the first half of the year 2024 paid a total claim amount of N1,906,699,233.35 (one billion, nine hundred and six million, six hundred and ninety-nine thousand, two hundred and thirty-three naira and thirty-five kobo), covering 1455 claims spread across various policies from the different branches across the country.
In a statement released by the general insurer, the underwriting firm said its open claims vent has shown its commitment to customer satisfaction evident by its prompt claims resolution. This service obligation STI cleared, showcases its dedication to serving customers with efficiency and reliability.
The summary of the claims paid report in the first half shows that Fire policies have the highest figure of N931m with Motor claims ranking second with a sum of N416m, General Accident with a sum of N254m, Marine and Aviation with a sum of N218, Engineering with a sum of N65m followed by oil and gas claims with a sum of N9.6m and finally Energy with a sum of N584,000 making up the total claims paid sum of N1.9b in the first half of the year.
The underwriting said it did not just stop at the paid claims, regular follow-up calls were made to ensure the customers are left satisfied. The statement disclosed that made many of the policyholders who were beneficiaries of one claim or the other gave complimentary remarks about the underwriting firm with the way their claims were treated in a timely and professional manner.
Noting that its obligation to claims is a promise kept and attest to its standard of excellence. This clear cut service dimension it explained has positioned to be accessible to all policyholders by operating from multiple locations in Lagos and other major cities in Nigeria, making it much easier for policyholders to submit claim complaints, receive verification of claim and receive reimbursement for their loss.
The Head of Corporate Communications and Investor Relations of Sovereign Trust Insurance Plc, Segun Bankole posited that the Brand is a reputable one in the insurance landscape in the country and as such, no stone will be left unturned in ensuring that the positive image of the brand is not compromised in any way. He added that claims payment is the true testament of strength and capacity for any insurance company that is worth the salt. He appealed to Nigerians to imbibe the culture of insurance as that is the only business that can ensure the continuous creation and sustainability of wealth when the incident happens.
The Managing Director/CEO of the firm, Mr. Olaotan Soyinka has this to say. “Our commitment to satisfying our customers remains unwavering and unshakeable. We understand the importance of swift claims resolution and are proud to provide financial support when our customers need it the most especially in this trying period when a lot of insureds see insurance as the last resort of succour when the unplanned happens.”
