Sovereign Trust Insurance Plc. has shown its capacity to pay all genuine claims as and when due with the settlement of N2.9 billion insurance claims in 2020 to its various customers who were entitled to them (claims) across the country.
In a statement by its spokesperson and head of sales and corporate communications, Mr Segun Bankole, he said with the pay out, the company simply demonstrated its firm commitment to claims settlement as a firm obligation to customers.
Bankole stated that the company’s claims experience in 2020 was quite interesting in the sense that it had to settle some claims that arose from the destructive outcomes of the #Endsars protests in major parts of the country.
He further said that a very significant number of customers had really come to appreciate the role of insurance in their everyday life, explaining that this further accounted for the sum paid as claims in 2020.
The summary of the claims paid in 2020, according to him, showed that motor vehicle insurance had the highest figure of N948m with energy insurance ranking second with total claims settled to the tune of N802.3m.
Fire insurance claims, he stated, amounted to N562.8m while marine & aviation claims stood at N284.6m.
The total sum of N236.6m was paid as claims on general accident policy with engineering closing the figures with N66.4m bringing the total claims paid to N2.9b.
Commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, 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 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 always continually strive to make good our promise.”
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 were settled within the shortest period possible on completion of all necessary documentations.
Soyinka said the commitment to pay genuine claims was the centre piece of its operations and it resonated with “the tenets of our vision and mission” to make the “company one of the country’s most relevant and responsive insurance companies in the country.”
He maintained that Sovereign Trust Insurance Plc, was no doubt a formidable force to reckon with in the nation’s insurance landscape with a network of offices in all the major cities of the country.
He stated that the company was buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers globally.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
