STI pays N835m in nine months
by admin on Nov.01, 2011, under Car insurance
Sovereign Trust Insurance Plc has paid out claims totaling N835.9 million in the last nine months between January and September 2011.
In a statement released by the company the breakdown of the claims paid in the last nine months shows that motor insurance had the highest figure of N328.8 million fire and allied perils accounted for N178.4 million while N148.9 million was settlement in respect of general accident, marine & aviation insurance accounted for N85.3 million, policyholders in the energy insurance sector were paid N80. 7 million while engineering accounted for N13.8 million.
While commenting on the intent of the department with regards to claims settlement, the Head of the claims department, Mrs. Funmi Idodo said “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because the major Intent of the department is to ensure that our 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.
That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times”
In the same vein, the Divisional Head, Technical, Mr. Tajudeen Rufai also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of our customers at the time it is needed most by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.
Our commitment to uphold our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country.
Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of twenty one (21) branches spread across the country and Shareholders’ fund in excess of N4 billion. Sovereign Trust Insurance Plc continues to soar high above its peers in the industry and striving to become the best Underwriting Firm in the nearest future.
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