Sovereign Trust Insurance Plc said it paid a total of N4.2 billion as claims to customers in 2018.
The company, in a statement to this effect that was signed by its Head, Corporate Communications & Brand Management, Segun Bankole, said this was in continuation of its commitment to honour all genuine claims as and when due.
He said the underwriting firm does not believe in paying lips service to settlement of genuine claims, adding that the company’s claims experience in 2018 was quite enormous, a situation which he attributed to the downturn in the economy.
According to him, every insured wants to make a claim at every given opportunity which really escalated the claims figure for the year
He summarised claims paid by the company during the period, pointing out that energy had the highest figure of N2.1 billion, with Fire Insurance ranking second with total claims settled of N664 million.
Motor Insurance claims amounted to N567 million while Marine & Aviation claims stood at N447 million.
A total sum of N333 million was paid as claims on General Accident Policy with engineering recording N41 million.
Commenting on this, the Executive Director, Technical Operations, of Sovereign Trust Insurance, Mr. Jude Modilim said, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc 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 is through prompt settlement of their claims when the need arises. “That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country.
“We intend to uphold this obligation and we will always continually strive to make good our promise.”
Sovereign Trust Managing Director/CEO, Mr. Olaotan Soyinka also stated that the company had put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period on completion of all necessary documentations.
“Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies.
“Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices spread over (18) locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond,” he affirmed