STI Policyholders Claim N1.59bn On Insured Risks

Policyholders of Sovereign Trust Insurance(STI) Plc has claimed about N1.59 billion compensation on mishaps they suffered on their insured risks in the first half of 2022.

This, the insurer said, was in continuation of its unwavering commitment and capacity to obligate all genuine claims as and when due.

A statement issued and signed by STI spokesperson, Mr. Segun Bankole and made available to LEADERSHIP yesterday, pointed out that the claims experience at half year 2022 demands that more attention to details must be put in place when accepting businesses from any insured as a lot of policyholders these days want to claim at any given opportunity and this development.

This, he attributed to the economic situation in the country where everyone tries to manage the financial burden they have to deal with on a daily basis. He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday life and that accounted for the sum paid as claims during the period.

Giving the breakdown of the payment, Bankole said, Fire Insurance had the highest figure of N605.4 million with Motor Insurance ranking second with total claims settled to the tune of N353.8 million.

“General Accident Insurance claims amounted to N268.3 million while Energy/Oil & Gas & claims stood at N176.7million. The total sum of N117.6million was paid as claims on Engineering/CAR with Marine/Aviation closing the figures with N57.9million bringing the total claims paid to N1.579billion,” he stressed.

On his part, the executive director, Technical Operations, Mr. Jude Modilim said: “there is no compromise to genuine claims settlement in STI because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.”

Similarly, the managing director/CEO of the organisation, Mr. Olaotan Soyinka, also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.