Sovereign Trust Insurance pays N1bn claims

By Abdul Olalekan

Sovereign Trust Insurance (STI) Plc has paid N1 billion as claims in the third quarter of 2016.

The company, in a statement made available to Business 247 News Online on Friday, promised to continue to pay genuine claims as and when due.

Giving the breakdown of the claims paid, the Divisional Head, Technical, STI Plc, Mr. Tajudeen Rufai, noted that the underwriting firm paid a total claims of N1.075bn, adding that Motor Insurance had the highest figure of over N400million.

Claims settled on Fire and Allied Perils, according to him, stood at well above N250 million while the total sum of N255 million was paid as claims on General Accident. He said Energy/Oil & Gas claims was N93 million, with Marine/Aviation gulping N49 million, even as Engineering claims was put at N21 million.

Commenting on the intent of the insurer on  claims settlement, Rufai said: “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our 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.”

This, he pointed out, is the only way to prove that the company is well and alive to its responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times, he said.

The Managing Director/CEO of STI, Mr. Olaotan Soyinka also stated that the company has put in place a friendly claims process with the major aim of putting smiles on the faces of its various customers across the country. This, according to him, was to ensure that claims are settled within the shortest period possible on completion of all necessary documentations.

“Our commitment to uphold our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. STI 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 pointed out.