Onaolapo
Chuks Udo Okonta
Sovereign Trust Insurance Plc has announced that the underwriting firm recently paid the sum of N112,272, 601.62 (One hundred and Twelve Million, Two Hundred and Seventy-Two Naira, Sixty-Two Kobo) as claim settlement for the fire incident that occurred on the farmland of Phinomar Nigeria Limited, an agricultural company located in Enugu in the Eastern part of the country.
During the press briefing held at the organisation’s Head Office in Lagos, the Company’s Chief Spokesperson and Head of Corporate Communications & Brand Management, Segun Bankole, said the organisation paid the sum in question on a single Fire and Extraneous Peril Policy. He further mentioned that the company’s resolve in settling genuine claims of whatever magnitude remainssacrosanct and that has been the pivotal thrust of the organization’s business philosophy. Segun Bankole pointed out that the company has paid a total sum of N746,905,580.15(Seven Hundred and Forty-Six Million, Nine Hundred and Five Thousand, Five Hundred and Eighty Naira and Fifteen Kobo Only) as claims within the last five and half months in 2015.
Confirming this assertion, the Head of Claims in the Technical Division of Sovereign Trust Insurance Plc, Doyin Fasanya, gave the breakdown of the amount paid in the different classes of insurance in the following manner; a total of N235, 852,790 was paid on Motor Insurance while Fire accounted for N255,311,443. The sum of N105, 813,608.31 was paid out in claims under General Accident, claims under Energy/Oil & Gas accounted for N103,115,689.25. Other figures provided include, N29, 417,480.16 as claims settlement for Marine & Aviation, while CAR/Engineering accounted for N17, 399,570.43, as at the end of May 31, 2015.
While commenting, the Managing Director/CEO of the under wring firm, Wale Onaolapo said that the organisation will continue to honour its pledge as a claims-paying company in all sense of the word provided all parties play their parts within the ambit of the contract. He stated that the underwriting firm has gone a step further in strengthening its claims-paying ability in recent time, and as such, all claims brought to the notice of Management will be duly attended to and necessary obligations shall be honoured to the letter. As he rightly puts it, “we will never relent in honouring our financial obligations to our customers just as we will continue to protect their interest at all times.” There is a conscious effort to have an enduring partnership with every of our customers based on the dictates of our core values which is surmised under Integrity, Empathy and Superior Customer Service.
The Managing Director/Chief Executive Officer sums it all up, “customer delight remains the swivel of the continued existence of any business as it inevitably builds customer loyalty. The major reason any insured picks up an insurance policy is to receive compensation when claims occur which is what Sovereign Trust Insurance Plc is poised to deliver."
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