Banking & Insurance
Sovereign Trust settles N1bn claims in nine months
Sovereign Trust Insurance Plc said it paid N1bn claims in the first three quarters of 2016. A statement by the firm’ s Divisional Head, Technical, Mr. Tajudeen Rufai, said that the breakdown of the figure showed that motor insurance had the highest total claim of over N400m; fire and allied perils claimed over N250m; while N255m was paid on general accident clams. Energy / oil and gas claims totalled N93m; marine / aviation gulped N49m; while engineering claims amounted to N21m. Rufai said,“ There is no compromise to claims settlement in Sovereign Trust Insurance
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.“ 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 at all times.” The Managing Director / Chief Executive Officer of the company, Mr. Olaotan Soyinka, also stated that the company had put in place a friendly-claim process across the country by ensuring that claims were settled within the shortest time possible after completion of necessary documentation. It stated that the firm’ s commitment to uphold its vision and mission had made the company one of the country’ s most relevant and responsive insurance companies in the country.
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