Sovereign Trust pays N2.9bn claims in 2020

Sovereign Trust Insurance Plc said it has continued to affirm its commitment and capacity to pay all genuine claims when due as it paid N2.9 billion claims to various clients across the country last year.
The insurer disclosed this in a statement by its spokesperson and Head of Sales and Corporate Communications, Segun Bankole, noting that its claims experience in 2020 was quite unique because the company paid claims that emanated from the civil commotion in the country occasioned by the #EndSARS protests in major parts of the country.
Bankole further stated that a significant number of customers had come to appreciate the role of insurance in their everyday life, which increased the claims paid.
According to the statement, the summary of the claims paid in 2020 revealed that motor had the highest figure of N948 million with energy insurance ranking second with total claims settled to the tune of N802.3 million.
“Fire insurance claims amounted to N562.8 million while marine and aviation claims stood at N284.6 million.
“The total sum of N236.6 million was paid as claims on general accident policy with engineering closing the figures with N66.4 million bringing the total claims paid to N2.9 billion.”
Commenting on this, the Managing Director/Chief Executive Officer of the company, Mr Olaotan Soyinka, stated that the company had 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 were 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,” he said.
In the same vein, while commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, Jude Modilim, said there is no compromise to genuine claims settlement in the underwriting firm because the major focus of the company is to ensure that its teeming customers get to enjoy the benefits of taking out any form of insurance policy with prompt settlement of their claims when the need arises.