Published On: Mon, Oct 22nd, 2012

Sovereign Trust settles N369m claims in Q3

Sovereign Trust Insurance Plc has announced N369.36 million claims payment in its third quarter (Q3) of 2012, in its commitment to settling genuine claims as at when due.

In the press statement released by the Corporate Communications and Brand Management Department, the underwriting firm said the payment was made to different policyholders of the company across the country.

A breakdown of the figures showed that the sum of N136 million was paid as claims in the month of July, while claims settled in August totaled N107 million and N125 million was expended on claims in September respectively.

Confirming this assertion, the Head of Claims in the Technical Division of the company, Mrs. Funmi Idodo, said that general accident portfolio recorded the highest figure of N111.28 million, motor insurance accounted for N91.31 million, while N88.49 million was paid out as claims under the oil and gas portfolio. Also N37.71 million was settled as claims under fire and allied perils.

Other figures provided are marine and aviation N20.1 million, while CAR and engineering accounted for N20.52 million, putting the sum total of claims paid as at September 30, 2012 to N369.36 million.

In all, the underwriting firm has obligated a total sum of N809.29 million to claims settlement from January to date.

Commenting in the same vein, the Head of Technical Division, Tajudeen Rufai, stated that claims settlement remains a vital fulcrum of the company’s operation and that the Management is committed to ensuring that policyholders of the company are always delighted when it comes to claims settlement.

“Our continued ability to sustain our prompt claims culture is very critical to our business sustainability just as we do not trivialize issues that border on our reputation as a Brand in the comity of Insurance Companies in the country”, Rufai added.

He further stated that at Sovereign Trust Insurance, the customer comes first in all the facet of the company’s operations, while enjoining Nigerians to take advantage of the benefits inherent in insurance and make it an essential aspect of their lives both on the business and family front.

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