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By Maduka Nweke
SOVEREIGN Trust Insurance Plc (STI) said it has demonstrated its commitment towards prompt claims settlement when it recently paid out a total sum of N386,933,565.26 as claims in the first quarter of the year.
The underwriter stated that the total claims figure was duly verified by the industry regulatory authority, the National Insurance Commission (NAICOM) for the period under review.
A rundown of the claims composition paid, the company said, revealed that Motor Insurance claim recorded the highest figure of N151,401,865.12, followed by General Accident that accounted for N140,800,782.03, while N78,830,490.06 was paid as claim under Fire Insurance.
According to the company’s statement, other figures released by the organisation are N9,900,023.79 for Marine & Aviation Insurance while N6,000,403.46 was paid as claims under Engineering class of insurance.
