Sovereign Trust Insurance pays out N944 million on claims in H2

Underwriting firm, Sovereign Trust Insurance plc has within the second half of the year 2013 paid out the sum of N944, 512,641.77 million as claims to some of its customers across the country.

The breakdown of the amount shows that N351 million was paid out in the first quarter, while the sum of N593 million was paid out in the second quarter.

According to Olaotan Soyinka, the general manager in charge of operations, the claims portfolio in the first half of the year include Energy claims amounting to N401.6 million; Motor Insurance N218.4 million; Fire Insurance N83.8 million while general accident insurance amounted to N128.5 millions. Marine Insurance claims accounted for N100.4 million and Engineering Insurance claims totalled N11.7 million.

Wale Onaolapo, the managing director/CEO of the organisation, reiterated the commitment of the company to prompt claims settlement, adding that, that is the only way the company can generate more confidence from its teeming customers and the insuring public at large. He restated that prompt claims settlement is very germane to guaranteeing the reputation which the company has built over the years.

In his words, “Whenever the need arises to settle claims, Sovereign Trust Insurance does not see it as doing the customer a favour, rather, we are concerned about making the customer delighted with our seamless claims process which ultimately will lead to customer satisfaction.

“We are only fulfilling our part of the agreement made at the point of picking up the business that all genuine claims will be settled as and when due.” It is our responsibility to do all in our capacity to ensure that we do not disappoint our customers when it matters most. The whole essence of insurance is premised on restoring policy holders to their former status in the occurrence of any eventuality and that we remain committed to.

Over the years, Sovereign Trust Insurance plc has demonstrated optimal commitment to maintaining a pace-setting position in the insurance industry in Nigeria.