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Sovereign Trust settles N311m claims

By  Patience Saghana

Sovereign Trust Insurance Plc has shown its avowed commitment to claims settlement. The underwriting firm recently released its second quarter claims record detailing total claims paid between January and June 2009. In the published statement, the claims figures revealed that the sum of N311, 062,980 (Three hundred and eleven million, sixty two thousand, nine hundred and eighty naira only) had been paid in the period under review.

A rundown of the claims composition paid during the six months period shows Motor Insurance having the highest figure of N158 million, (one hundred and fifty-eight million), Fire and Allied Perils accounted for N33 million while N12 million was paid as claim under Marine Insurance. Other figures as released by the organisation are: N84 million for General Accident, N7 million for Contractors’ All Risk Insurance and N17 million for Energy Insurance.

While commenting on the claims payment, the Head of the Claims Department, Mr Emmanuel Anikibe said “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because that is one measuring yardstick for our customers to determine whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”

While commenting further, Anikibe stated that the company has put in place a friendly-claim-process which ensures that claims are settled within the shortest period possible. “The processes involved from the moment a claim is reported and the period the customer receives the cheque have been made as seamless as possible” he concluded.

In the same vein, the Managing Director of the organization, Mr Wale Onaolapo stated that “one of our means of advertisement in Sovereign Trust Insurance is prompt claims settlement and it has helped to strengthen the relationship with our customers. We do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, ethics and promptness”.


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