Sovereign Trust Insurance Plc said it paid a total of N2.78 billion claims in 2019. The company said the amount paid out was a significant improvement in its claims management strategy when compared to N4.2 billion it paid in 2018.
The company’s spokesperson and Head Sales and Corporate Communications, Mr. Segun Bankole, while giving a breakdown of how the claims were settled, said in 2019, fire had the highest figure of N932 million, with oil and gas insurance ranking second with total claims settled to the tune of N701 million.
Also, motor insurance claims amounted to N537 million while marine and aviation claims stood at N305 million. He said sum of N248 million was paid on general accident policy with car insurance figures at N56 million.
Executive Director, Technical Operations, Sovereign Trust, Mr. Jude Modilim, said there is no compromise to genuine claims settlement at Sovereign Trust Insurance.
According to him, this was because the major focus of the company is to ensure that its teeming customers get to enjoy the benefits of taking out any form of insurance policy with the company through prompt settlement of 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 “, he said.
Sovereign Trust Insurance Managing Director/CEO Mr. Olaotan Soyinka, said the company has put in place a friendly-claim-process.