STI Settles N13.3bn Claims in Five Years

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By Ebere Nwoji

Sovereign Trust Insurance (STI) Plc said it has in the past five years paid a total of N13.3 billion to its policyholders.

The company, in a statement said the claims were paid out between 2016 and 2020, adding that the payments underscored its strong financial ability and undeterred commitment to guarantee peace of mind to all its customers as they go about their businesses without fear on a daily basis.

The company, defined claim as a reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance, insisting that it paid a total of N13.3billion in the past five years.

Giving the breakdown of the payment, Managing Director Sovereign Trust Insurance, Olaotan Soyinka, said the breakdown of the claims showed that energy insurance ranked number one with N4.2 billion, while fire insurance came in second with N3.1 billion.

In addition, motor insurance ranked third with N3.036 billion as general accident came fourth with N1.3 billion.

Also, marine was fifth on the table with N1.2 billion while construction all risk insurance (CAR & Engineering) was the sixth.

Commenting on the company’s claims history, Soyinka said: “It is in the policy of the company to pay all genuine claims promptly. Claims payment is one of the paramount reasons for our being in business.”

“We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our broker partners who have continued to do business with us over the past years.”

He said insurance is about building trust and confidence, “and that is why customers who benefit from STI service go ahead to recommend it to other customers without our knowledge.”
He added that the company has built capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.

Soyinka said to achieve excellence in customer service, “the company has invested heavily in technology that ensures customers from any part of the world are able to file their claims, track the processing and get paid without a one- on-one encounter with STI staff.”
According to him, this applies to all lines of the business, except for those that requires loss adjusters’ involvement and in some other occasions where the claims process gets complicated for some extenuating reasons.

Commenting also on the intent of the organisation as regards claims settlement, Executive Director, Technical Operations Jude Modilim, said, “the company is committed to settling genuine claims and there is no compromise to that as long as the “Ts” and the “Is” have been properly checked and certified. Genuine claims settlement in Sovereign Trust Insurance Plc is a major focus of our operations and we do not pay lip service to it.

“For us, claims settlement is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country.”

He said the company intends to uphold this obligation and will always walk its talk.