In keeping faith with the promise to pay all genuine claims promptly, Sovereign Trust Insurance Plc paid claims totaling N1, 597,968,624, during the first half of the current year, to various insured spread across the country.
The company’s Head of Corporate Communications and Investor Relations, Segun Bankole, stated that the claims experience during the first six months of the year 2022 demands that more attention to details must be put in place when accepting businesses from any insured, as a lot of policyholders now want to claim at any given opportunity.
He attributed this development to the economic situation in the country, where everyone tries to manage the financial burden they have to deal with on a daily basis.
He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday life and that accounted for the sum paid as claims during the period.
The summary of the claims paid half year 2022 shows that Fire Insurance had the highest figure of N605.4m with Motor Insurance ranking second with total claims settled to the tune of N353.8m. General Accident Insurance claims amounted to N268.3m while Energy/Oil & Gas & claims stood at N176.7m. The total sum of N117.6m was paid as claims on Engineering/CAR with Marine/Aviation closing the figures with N57.9m bringing the total claims paid to N1.579b.
assured that that the Underwriting Firm He,however, assured that the insurance company is seriously committed to claims settlement as and when due beyond lips service.
While commenting on the intent of the organisation as regards claims settlement, the Executive Director, Technical Operations, Mr. Jude Modilim stated that “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 us 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 continually strive to make good our promise.
Similarly, the company’s Managing Director, Mr. Olaotan Soyinka, stated that the organisation has 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 possible on completion of all necessary documentation.
