Sovereign Trust Insurance pays N369 m claims in Q3
Sovereign Trust Insurance Plc has said it paid N369, 360,532.07 claims in the third quarter of this year.
A statement by the Head of Corporate Communications/Brand Management Segun Bankole, said the breakdown of the figure showed that the sum of N136million was paid in the month of July, while N107 million and N125 million was paid in August and September respectively.
Head of Claims Technical Division, Mrs. Funmi Idodo, said General Accident portfolio recorded the highest figure of N111, 280,486.74, motor insurance accounted for N91, 310,089.77. The sum of N88, 492,664 was paid out as claims under the oil and gas portfolio while a total of N37, 707,290.59 was settled as claims under fire and allied perils. Other figures provided are marine and aviation N20, 050,276.46 while car and engineering accounted for N 20,519,724.51, putting the sum total of claims paid as at September 30, 2012 to N369, 360,532.07. In all, the underwriting firm has obligated a total sum of N809, 289, 378.77 to claims settlement from January to date.
Head of Technical Division Tajudeen Rufai, said 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.
He said: “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.”
He further mentioned that at the company, the customer comes first in all the facet of the company’s operation. He enjoined 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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