By LOVETH AZODO, Lagos
Sovereign Trust Insurance Plc has settled a total of N1.9 billion in claims during the first half of 2024.
The underwriting firm’s recent claims payment report reflects its focus on prompt claims resolution and dependable customer service.
According to the statement signed by its Head of Corporate Communications and Investor Relations, Segun Bankole, Sovereign Trust Insurance settled 1,455 claims amounting to N1,906,699,233.35 across various policies and branches nationwide.
Fire insurance policies accounted for the largest share, with payouts totaling N931 million, followed by motor insurance claims at N416 million. General accident claims amounted to N254 million, while marine and aviation claims reached N218 million. The firm also paid N65 million for engineering claims, N9.6 million for oil and gas claims, and N584,000 for energy-related claims.
Beyond the monetary settlements, Sovereign Trust Insurance also conducted regular follow-ups with policyholders to ensure their satisfaction. The customer care team reported that many beneficiaries praised the firm’s swift and professional handling of claims.
Sovereign Trust Insurance remains committed to maintaining its standard of excellence, with offices in Lagos and other major cities in Nigeria to facilitate easy access for policyholders to submit claims, receive verification, and obtain reimbursement.
Managing Director/CEO Mr. Olaotan Soyinka reaffirmed the company’s dedication to customer satisfaction, stating, “Our commitment to satisfying our customers remains unwavering. We understand the importance of swift claims resolution, especially in these trying times when insurance is often seen as a last resort for relief.”
The company’s proactive approach and efficient claims management have positioned it as a dependable choice for policyholders across Nigeria.
Segun Bankole, Head of Corporate Communications and Investor Relations at Sovereign Trust Insurance, emphasized the firm’s reputation in Nigeria’s insurance industry, stating, “No stone will be left unturned in maintaining the brand’s positive image. “He added that prompt claims payment is a true measure of an insurance company’s strength and urged Nigerians to embrace insurance as a reliable means of wealth protection.
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