Sovereign Trust Insurance (STI) Plc spiralling claims obligation spanning a five year period has hit N13.3 bn paid to its clients across the country that suffered different kinds of losses.
The claims paid out between 2016 and 2020 underscores the company’s strong financial ability and undeterred commitment to guarantee peace of mind to all its customers as they go about their businesses without fear on a daily basis.
According to the data made available to the media, the underwriting firm paid a total of N13, 312,459,054, (Thirteen Billion, three hundred and twelve million, four hundred and fifty-nine thousand and fifty-four naira) during the five-year period to different insureds across the country and across her major product lines.
The breakdown of the claims shows that energy insurance ranks number one with N4.2 bn, fire insurance follows after with N3.1 bn. Motor insurance ranks third with N3.036 bn and general accident comes fourth with N1.3 bn and marine is fifth on the table with N1.2 bn while construction all risk insurance (CAR & engineering) is the sixth with N235 m.
Olaotan Soyinka, Managing Director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said, “it is in the policy of the company to pay all genuine claims promptly while stating that claims payment is one of the paramount reasons for their being in business”.
Soyinka emphasises more, “We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our broker partners who have continued to do business with us over the past years”.
He said the company not only builds trust and confidence, as the hallmark of its insurance transactions which has earned it referrals from satisfied customers, it has also built capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.
Olaotan Soyinka said to achieve excellent service, the company invested heavily in technology that ensures customers from any part of the world are able to file their claims, track the processing and get paid without a one- on-one encounter with STI staff. The exception are those that requires loss adjusters’ involvement and in some other occasions where the claims process gets complicated for some extenuating reasons.
Commenting also on the intent of the organization as regards claims settlement, Jude Modilim, Executive Director, Technical Operations said: “The company is committed to settling genuine claims and there is no compromise to that as long as long as the “Ts” and the “Is” have been properly checked and certified. Genuine claims settlement is a major focus of our operations and we do not pay lip service to it. For us, claims settlement 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 always walk our talk.”
Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union Assurances Limited.
Operating currently through a network of branches nationwide with its head office on 17, Adetokunbo Ademola Street, Victoria Island, Lagos. Sovereign Trust Insurance Plc is licensed as an Insurer by the Federal Government with authority to underwrite all classes of Non-Life business.
Currently operating with an authorized share capital of N7.5 bn, the company has a fully paid-up capital of N5.7 bn and shareholders’ funds of over N7.7 bn with assets base of over N13.4 bn. The ownership of the company is made up of diverse shareholders from different walks of life across the industries.