Sovereign Trust Insurance pays N1.9bn claims in H1

By Henry Uche

Sovereign Trust Insurance Plc has disclosed that it paid N1,906,699,233.35 (one billion, nine hundred and six million, six hundred and ninety-nine thousand, two hundred and thirty-three naira, thirty-five kobo) in claims during the first half of 2024. The amount was disbursed across 1,455 claims, covering a broad spectrum of policies through its branches nationwide.

A detailed breakdown of the claims shows that Fire policies accounted for the largest portion, with payouts totaling N931 million. Motor claims followed with N416 million, while General Accident claims amounted to N254 million. Marine and Aviation policies saw claims worth N218 million, Engineering claims stood at N65 million, and Oil and Gas claims totaled N9.6 million. Energy claims rounded out the figures with N584,000.

Mr. Segun Bankole, the Deputy General Manager of Corporate Communications & Investor Relations at Sovereign Trust Insurance Plc, confirmed the payments and highlighted the company’s dedication to ensuring customer satisfaction. He emphasized that Sovereign Trust not only promptly settles claims but also conducts regular follow-up calls to guarantee that policyholders are fully satisfied with the resolution process.

Feedback from the company’s customer care desk revealed that many policyholders who received claim payments expressed their appreciation for the professional and timely manner in which their cases were handled. Sovereign Trust Insurance Plc continues to uphold its standard of excellence, maintaining a strong presence across Lagos and other major cities in Nigeria, thereby making the claims process accessible and efficient for all policyholders.

Mr. Bankole reaffirmed the company’s commitment to its reputation as a leading brand in Nigeria’s insurance industry, ensuring that its positive image remains untarnished. He further noted that the prompt payment of claims is the ultimate proof of an insurance company’s strength and reliability, urging Nigerians to embrace insurance as a vital tool for wealth creation and sustainability, particularly in times of unexpected events.

Echoing this sentiment, the Managing Director/CEO of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, stated, “Our unwavering commitment to customer satisfaction is the cornerstone of our operations.

We recognize the critical importance of swift claims resolution, especially during challenging times when insurance often serves as the last line of support for many. We are proud to stand by our customers, providing the financial assistance they need when the unexpected occurs.”