Sunday, September 7, 2025
24.9 C
Lagos

Sovereign Trust Insurance: N2.5bn Claims Payment in 9 Months

Olaotan Soyinka
Managing Director/CEO
Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc has again shown avowed commitment to claims settlement.
The underwriting firm recently released its third quarter claims record detailing total claims paid between January and September 2021.
In the published statement, the claims figures reveal that the sum of N2,515,004,405.67 (Two billion five hundred and fifteen million, four thousand, four hundred- and five-naira, sixty-seven kobo only) had been paid in the period under review.
A rundown of the claim’s composition paid during the nine months period shows Energy/Oil & Gas Insurance having the highest figure of N774 million, (seven hundred and seventy-four million), Fire and Allied Perils accounted for N505.5 million while N460 million was paid as claims under Motor Insurance.
Other figures as released by the organization are, N355 million for General Accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance.
While commenting on the claim’s payment, the Executive Director, Technical, Jude Modilim, said “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because that is the barometer for our customers to determine 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 as long as the claims are genuine and treated accordingly.”
While commenting further, Modilim stated that the company has put in place a friendly-claim-process which ensures that claims are settled within the shortest period possible.
“The processes involved from the moment a claim is reported and the period the customer receives the cheque have been made as seamless as possible” he concluded.
In the same vein, the Managing Director/CEO of the organisation, Olaotan Soyinka stated that “one of our means of advertisement in Sovereign Trust Insurance Plc is prompt claims settlement and it has helped to strengthen the relationship with our 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, ethics and promptness.”
Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with a network of eighteen (18) locations spread across major commercial cities in the country.
With Shareholders fund in excess of N8.6 billion, Sovereign Trust Insurance Plc towers high above its peers in the industry. It will be recalled that Sovereign Trust Insurance was recently awarded the “Outstanding Insurance Company of the Decade” by Marketing Edge, a renowned Marketing Communications outfit in the country.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

MTN Rwanda Unveils YOLO, Platform for Young Subscribers

MTN Rwanda just introduced a new platform for youths,...

Union Bank Partners JAN to Impact over 300 Girls 

As part of Junior Achievement Nigeria’s vision of inspiring...

South Africa: Business Insolvencies Rise by 22% over COVID-19 Pandemic

• Thanks to massive state intervention, global insolvencies decreased in...

Union Bank Delists from NGX as Titan Trust Completes Takeover

In May, 2023, Union Bank received an offer from...

SMILE Targets Innovation, Service Excellence to Drive Growth

Smile Communications Nigeria Limited has reaffirmed its unflinching commitment...

Linkage Assurance Reports N8.3bn Premium in 2020

L-R: Okanlawon Adelagun, Executive Director, Technical; Daniel Braie, Managing...

Financing Development under President Buhari: The Role of Pan African DFIs

By Roberts Orya, MD/CEO Nigerian Export-Import Bank (NEXIM) The Central Bank of Nigeria (CBN) has prognosticated a possible economic recession in 2016. This possible worst outcome of the present slump is something I am sure President Muhammadu Buhari would do everything to prevent. No president wants to be known in history as a 'Recession President.' However, this undesirable economic situation can sometimes become a reality, even inspite of the best efforts of a well-meaning leadership.
spot_img

Related Articles

Popular Categories

spot_imgspot_img