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Sovereign Trust Settles N138m Claims

Prolific Underwriters, Sovereign Trust   Insurance Plc has disclosed that it made a total claims payment of N138 million in the first quarter (January –March) of 2009.

According to the statement made available by the Corporate Communications / Brand Management department of the organization, the sum of N36 million was paid as claims in January while claims amounting to N52 million were settled in February. The figure for March was put at N50 million.

In breaking down the figures, Motor Insurance accounted for the highest amount which was about N79 million for the 3 months period; this was followed by General accident with about N32 million claims settlement. Other figures are: N17 million for Fire and Allied Perils, N8 million for Marine Insurance and N2 million for Engineering Insurance.

While addressing Journalists recently, The Managing Director of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo stated “Claims settlement is key and it is our number one priority in Sovereign Trust Insurance because that is the reason why we are in business”. While stating further, Onaolapo said “We will always ensure that customers go away with pleasant experiences when it comes to claims settlement, we do not allow our customers to go through harrowing experiences before their claims are settled, promptness and professionalism are our watchwords when it comes to settling claims”.

The company which was established in 1995 presently has a network of twenty one branches spread across the country. It will be recalled that Sovereign Trust Insurance was recently rated A- for the second time running by Global Credit Rating (GCR) a world renowned rating agency based in South Africa. The company’s financials in terms of the Gross premium and Profit have been on the upward swing over the years. Sovereign Trust is also poised to be one of the top five Insurance Companies in the country by the year 2012.


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