Sovereign Trust Policyholders Receive N1.9bn Insurance Claims

Policyholders who suffered insured risks received insurance claims worth N1.9 billion from Sovereign Trust Insurance Plc in its first half of 2024.

This, the insurer said, was part of its commitment to customer satisfaction and its resolution to prompt claims settlement, hence, showcasing its dedication to serving customers with efficiency and reliability.

The N1.9 billion total claims paid covers 1,455 claims spread across various policies from the different branches across the country.

The breakdown of the claims shows that Fire policies have the highest figure of N931 million as Motor claims ranking second with N416 million even as the General Accident attracted N254 million while policyholders of Marine and Aviation policies received N218 million. While Engineering policies attracted N65 million, it was followed by oil and gas claims of N9.6 million and Energy policies with a sum of N584,000.

The underwriting firm did not only pay the claim amounts, but also made regular follow-up calls to ensure the customers are left satisfied.

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A statement from the company and made available to LEADERSHIP said, many of the policyholders who were beneficiaries of one claim or the other, gave complimentary remarks about the underwriting firm with the way their claims were treated in a timely and professional manner.

Promising that policyholders to maintain its standard of excellence, it said, it has positioned itself to be accessible to all policyholders by operating from multiple locations in Lagos and other major cities in Nigeria, making it much easier for policyholders to submit claim complaints, receive verification of claim and receive reimbursement for their loss.

Bankole, in the statement, posited that the brand is a reputable one in the insurance landscape in the country and as such, no stone will be left unturned in ensuring that the positive image of the brand is not compromised in any way.

He added that claims payment is the true testament of strength and capacity for any insurance company that is worth the salt. He appealed to Nigerians to imbibe the culture of insurance as that is the only business that can ensure the continuous creation and sustainability of wealth when the eventuality happens.

Earlier, the managing director/CEO of the firm,  Olaotan Soyinka said: “Our commitment to satisfying our customers remains unwavering and unshakeable. We understand the importance of swift claims resolution and are proud to provide financial support when our customers need it the most, especially in this trying period when a lot of insureds see insurance as the last resort of succour when the unplanned happens.”