Sovereign Trust Insurance office
In line with its promise to bring succour to its clients who may have suffered various insured losses, Sovereign Trust Insurance Plc has paid over N369.36 million in claims between July and September 2012.
The payment brought the total claims settled by the non-life risks underwriting company from the beginning of the year to N809.29 million.
The Head of Claims in the Technical Division of the company, Mrs. Funmi Idodo disclosed this in a statement in Lagos. She said the underwriting firm was keeping to its tradition of ensuring prompt settlement of claims to its customers in times of need.
According to her, a breakdown of the figures showed that N136 million was paid out to various claimants in July, while claims settled in August stood at N107 million. The remaining N125 million was paid to customers in September.
Idodo further explained that general accident business of the company accounted for N111.28 million of the claims figure while motor insurance gulped N91.31 million just as N88.49 million was paid to oil and gas clients within the period under review.
She stated that another N37.71 million was paid out under fire and allied perils business, while marine and aviation claims accounted for N20.05 million even as CAR and engineering claims for the period was N20.52 million .
Commenting on the claims payout, the Head of Technical Division, Mr. Tajudeen Rufai, said claims settlement remained a vital fulcrum of the company’s operation even as the firm was committed to ensuring that policyholders were always delighted when it comes to claims settlement.
“Our continued ability to sustain our prompt claims culture is very critical to our business sustainability just as we do not trivialise issues that border on our reputation as a Brand in the comity of Insurance Companies in the country,” Rufai said.
“At Sovereign Trust Insurance, the customer comes first in all the facet of the company’s operation. Nigerians should take advantage of the benefits inherent in insurance and make it an essential aspect of their lives both on the business and family front,” he added.