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Business > Insurance
Sovereign Trust Insurance settles N440m as claims
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By Nkechi Naeche
July 23, 2012 22:00:14pm GMT      |      Views: 290

WorldStage Newsonline-- Sovereign Trust Insurance Plc, a leading insurance firm said on Monday that it has settlement between January and June 2012 the  sum of N439, 946,599.87 as  claims during the company’s half year operations.

The breakdown,  showed that Motor Insurance recorded the highest figure of N206,958,578.43, followed by General Accident portfolio which had N84,548,986.44 while N83,600.962.46 went into claims settlement on Fire and Special Perils. Marine and Aviation claims amounted to N39,685,847.72, Engineering claims came to N23,333,591.65 while the Oil & Gas Portfolio settled the least claims of N1,800,880.00.


In all, a total of 1,018 policyholders, were beneficiaries of claims settlement in respect of the different classes of insurance policies under the stable of the underwriting firm.

The  Managing Director and Chief Executive Officer,  Wale Onaolapo, said that the company had lived up to its responsibility by fulfilling its financial obligation to the policyholders.

He said that prompt settlement of claims enhances the reputation of any underwriting firm and as such, the brand equity and image of that organization would receive a boost that can result to more patronage.

"We are serious about our business in Sovereign Trust Insurance Plc and we hold our customers dear in everything we do”.

He said that the company would not leave any stone unturned in ensuring quality and exceptional service delivery to its various policyholders.

He also admonished the insuring public to consciously adopt an insurance culture for the betterment of their lives.

The Divisional Head, Technical, Mr. Tajudeen Rufai reiterated the company’s uncompromising stance towards prompt settlement of genuine claims. He said that a customer-friendly claims process has been designed to facilitate timely claims settlement with the major intent of delighting our esteemed customers as and when due.

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