Sovereign Trust Insurance Settles N1.7bn As Claims In 2013

Posted by African Examiner Business News, Insurance Thursday, March 13th, 2014

Kayode Adelowokan

Sovereign Trust Insurance Plc has paid a sum of N1, 716,526,202.91, (one billion, seven hundred and sixteen million, five hundred and twenty six thousand, two hundred and two naira, ninety-one kobo) as claims between January and December 2013.

The Underwriting Firm recently released its 2013 claims record detailing the total claims paid between January and December 2013.

The underwriting company in a statement revealed that the sum of N1, 716,526,202.91, (one billion, seven hundred and sixteen million, five hundred and twenty six thousand, two hundred and two naira, ninety-one kobo) was paid in the period under review.

A rundown of the claims composition paid revealed that Energy Insurance claim recorded the highest figure of N645,344,360.02, followed by Motor Insurance accounting for N417,736,383.36, (four hundred and seventeen million, seven hundred and thirty six thousand, three hundred and eighty-three naira thirty six kobo) while N235,090,788.81(two hundred and thirty-five million, ninety thousand, seven hundred and eighty-eight naira, eighty-one kobo) was paid as claim under General Accident.

Other figures as released by the organization are N186, 692,578.68,(one hundred and eighty-six million, six hundred and ninety-two thousand, five hundred and seventy eight naira, sixty-eight kobo) for Fire and Allied Perils, N186,047,113.67,(one hundred and eighty-six million, forty-seven thousand, one hundred and thirteen naira, sixty-seven kobo for Marine Insurance and N45,614,978.37,(forty-five million, six hundred and fourteen thousand, nine hundred and seventy-eight naira, thirty-seven kobo) for Engineering.

While commenting on the claims payment, the Divisional Head, Technical, Mr. Olaotan Soyinka, reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods.

Soyinka said, “There is no compromise to claims settlement in Sovereign Trust Insurance Plc and that will always remain so to keep our customers always coming back.

“Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time.”

Also, the company’s Head of Claims Department, Funke Akitunde, said the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.

“The processes involved from the moment a claim is reported to the period the customer receives the cheque have been made as seamless as possible”, she concluded.

In the same vein, stated that “

Over the years, Managing Director Sovereign Trust Insurance Plc, Mr. Wale Onaolapo, said the company’s prompt claims settlement has helped it to strengthen its relationship with its customers.

“We do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”, added.