Energy, fire, motor top in N4.2bn claims payment by Sovereign Trust in 2018 as firm commits to insured citizens
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Sovereign Trust Insurance Plc has stated its resolve to enhance claims settlement of insured policy holders. This is as the company announced that it made payment on claims totalling N4.243 billion to various insured spread across the country in 2018.
The claims made were 223 percent higher than claims expense incurred in 2017 which amounted to N1.3 billion.
Segun Bankole, the company’s head of corporate communications & brand management in a statement filed with the Nigerian Stock Exchange (NSE) noted that the payments are in line with the company’s commitment to honour all genuine claims as and when due.
According to him, the underwriting firm is not about paying lips service to settlement of genuine claims when they occur, despite the claims experience in 2018 being quite humungous due to the downturn in the economy.
“Every insured wants to claim at every given opportunity which really escalated the claims figure for the year,” Bankole explained
The summary of the claims paid in 2018 shows that energy had the highest figure of N2.1 billion, with fire insurance ranking second with total claims settled to the tune of N664 million. Motor insurance claims amounted to N567 million, while marine & aviation claims stood at N447 million. The total sum of N333 million was paid as claims on general accident policy with engineering closing the figures with N41 million.
While commenting on the intent of the organisation as regards claims settlement, Jude Modilim, the executive director, technical operations, said, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.
That to us, 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 continually strive to make good our promise.”
In the same vein, Olaotan Soyinka the managing director/CEO of the organisation, also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.
“Our commitment to uphold the tenets of our vision and mission has made the company one of the country’s most relevant and responsive insurance companies in the country.
Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices spread over 18 locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”
Sovereign Trust has a market capitalisation of N1.7billlion with 8.3 billion outstanding shares. It’s share price last traded at 20 kobo on the Nigerian Stock Exchange on Wednesday. This figure remain unchanged when compared to two preceding session of trading.