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STI pays N369m as claims in Q3

By Favour Nnabugwu

Sovereign Trust Insurance Plc has paid a total of N369 million as claims to different policyholders  across the country in the third quarter of this year.

A statement issued by the company showed that the sum of N136 million was paid as claims in the month of July, while claims settled in August totaled N107 million and N125 million was expended on claims in September respectively.

Head of Claims in the Technical Division, Mrs. Funmi Idodo, said that general accident portfolio recorded the highest figure of N111, 280,486.74 while motor insurance accounted for N91, 310,089.77. The sum of N88, 492,664 was paid out as claims under the oil & gas portfolio while a total of N37, 707,290.59 was settled as claims under fire & allied perils.

Other figures provided are marine & aviation N20, 050,276.46 while CAR & engineering accounted for N 20,519,724.51, putting the sum total of claims paid as at September to 30, 2012 to N369,360,532.07 (Three Hundred and Sixty-nine Million, Three Hundred and Sixty Thousand, Five Hundred and Thirty-two Naira and Seven Kobo Only). In all, the underwriting firm has obligated a total sum of N809, 289, 378.77 to claims settlement from January to date.

Commenting in the same vein, the Head of Technical Division, Mr. Tajudeen Rufai stated that claims settlement remains a vital fulcrum of the company’s operation and that the management is committed to ensuring that policyholders of the company are always delighted when it comes to claims settlement.

“Our continued ability to sustain our prompt claims culture is very critical to our business sustainability just as we do not trivialize issues that border on our reputation as a brand in the comity of insurance companies in the country”, Rufai added.

He further mentioned that at Sovereign Trust Insurance Plc, the customer comes first in all the facet of the company’s operation. He enjoined Nigerians to take advantage of the benefits inherent in insurance and make it an essential aspect of their lives both on the business and family front.

Sovereign Trust Insurance Plc continues to deliver on its mission and vision promise. Its ambition of wanting to be a leading brand in the insurance industry in Nigeria is without compromise.


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