Sovereign Trust settles policyholders N1.598 bn claims in H1 2022

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One of the most vibrant insurance company in the country, Sovereign Trust Insurance Plc has settled claims of N1.598 billion in the first half of the year 2022.

The company, in the first half of the year paid claims totaling N1, 597,968,624.30 to various policyholders spread all over the country.

This was contained in a statement issued by the company’s spokesperson, Head of Corporate Communications and Investor Relationship, Segun Bankole

Specifically, the summary of the claims paid half year 2022 indicated that Fire Insurance took the highest figure of N605.4 million with Motor Insurance ranking second with total claims settled to the tune of N353.8 million. General Accident Insurance claims amounted to N268.3 million while Energy/Oil & Gas claims stood at N176.7 million.

The total sum of N117.6 million was paid as compensation on Engineering/CAR with Marine/Aviation closing the figures with N57.9 million, bringing the total claims paid to N1.579 billion.

The Managing Director/CEO of the company, Olaotan Soyinka, also reaffirm that the firm has put in place a friendly-claim-process with the major aim of putting smiles on the faces of our various customers across the country by ensuring that claims are 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. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”

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 Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.

“That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promises”.

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