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Thursday, January 31,
2019 04:30PM / NSE
Sovereign Trust Insurance Pic has continued to affirm
its commitment and capacity to honour all genuine claims as and when due. The
company, in the last year settled claims totalling N4,243,642,157.36 (four
billion, two hundred and forty-three million, six hundred and forty-two
thousand, one hundred and fifty-seven-naira, thirty-six kobo) to various
insured spread across the country.
In a statement made available by the company's
Spokesperson and Head of Corporate Communications & Brand Management, Mr.
Segun Bankole posited that the Underwriting Firm is not about paying lips
service to settlement of genuine claims when they occur. He however, stated
that the claims experience in 2018 was quite humungous which he attributed to
the downturn in the economy. According to him, “every insured wants to claim at
every given opportunity which really escalated the claims figure for the year.
The summary of the claims paid in 2018 shows that
Energy had the highest figure of N2.1b with Fire Insurance ranking second with total
claims settled to the tune of N664m. Motor Insurance claims amounted to N567m
while Marine & Aviation claims stood at N447m. The total sum of N333m was
paid as claims on General Accident Policy with Engineering closing the figures
with N41m bringing the total claims paid to N4.2b.
While commenting on the intent of the organization as
regards claims settlement, the Executive Director, Technical Operations, Mr.
Jude Modilim had this to say, “there is no compromise to genuine claims
settlement in Sovereign Trust Insurance Pic 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.
In the same vein, the Managing Director/CEO of the
organization, Mr. Olaotan Soyinka also stated that the company 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.
Our commitment to uphold the tenets of our Vision and
Mission has made the company one of the country's most relevant and responsive
insurance companies in the country. Sovereign Trust Insurance Pic 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.
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