WorldStage Newsonline-- Sovereign Trust Insurance Plc, a leading underwriting firms in Nigeria on Friday announced that it paid N228, 448,658.18 as claims in the first quarter of this year.
According to a statement by the company, the breakdown showed that N57 million was paid as claims in January, N95 million in February and N75 million in March.
A further breakdown of the classes of business on which claims were made and paid for during the quarter showed that motor insurance recorded the highest figure of N98, 542,290.46 followed by general accident with N49, 356,511.66. Claims paid on fire & allied perils amounted to N38, 083,311.79. The sum of N27, 197,671.01 was paid on marine & aviation insurance while N13, 822,393.26 was paid on claims for engineering insurance and claims on energy stood at N1, 386,480.00.
Commenting on the claims report, the Head of the Technical Division of the firm, Mr. Tajudeen Rufai stressed the company’s affirmed commitment towards claims settlement. He said the continuous existence of any underwriting firm depended largely on its ability to fulfill its obligation to its customers as and when due.
In his words, “Prompt Claims settlement is not just an attribute but an imbibed culture that permeates our operation as an underwriting firm.”
He stressed the need that Nigerian should cultivate the habit of making insurance a top priority in their homes and businesses. He said even though Government has put some regulation in place as regards safeguarding lives and properties of Nigerians, the true victory for the insurance industry in the country will be when Nigerians will willingly take up insurance policies without any form of coercion whatsoever.