Sovereign Trust Insurance settles N1.91bn claims in H1’24

Cynthia Ezekwe

Sovereign Trust Insurance Plc has paid a total of  N1.91 billion in claims to policyholders in the first half of  the year ended June 30, demonstrating its dedication to customer satisfaction and  prompt claims resolution.

According to the latest claims payment report released by the underwriting firm, it paid a total of N1,906,699,233.35 to settle 1,455 claims across a variety of insurance policies and branches nationwide.

A detailed analysis of the claims report revealed that fire policies emerged as the top category with a total payout of N931 million, closely followed by motor claims, which received a sum of N416 million, while general accident insurance policies accounted for N254 million of the total claims payout.

The claims report also highlighted the payouts across other insurance categories, with marine and aviation insurance policies recording the sum of N218 million, followed by engineering, oil and gas, and energy policies, which respectively yielded payouts of N65 million, N9.6 million, and N584,000 in the first half of the year.

Together, these categories contributed to the total claims payout of N1.9 billion.

Segun Bankole, the head of corporate communications and investor relations at Sovereign Trust Insurance Plc, lauded the company’s stellar performance in settling claims, asserting the brand’s reputation as a leading player in the insurance landscape.

Reiterating the company’s pledge to expedient claims settlement, Bankole emphasised Sovereign Trust Insurance Plc’s dedication to upholding its responsibilities to policyholders and delivering exceptional service that fosters trust and confidence in the brand.

Highlighting the company’s commitment to maintaining its high standards of excellence, Bankole stated that Sovereign Trust Insurance Plc has strategically expanded its presence to multiple locations across Lagos and other major cities in Nigeria, making it more accessible to policyholders.

This extensive network of offices, according to Bankole, not only enables policyholders to easily submit claims and receive prompt verification, but also facilitates timely reimbursement for losses, ensuring a smooth claims settlement process that meets the needs and expectations of customers.

Bankole also urged Nigerians to imbibe the culture of insurance as that is the only business that can ensure the continuous creation and sustainability of wealth in the event of unforeseen shocks.

Olaotan Soyinka, the managing director and CEO of Sovereign Trust Insurance Plc, reaffirmed the company’s unwavering commitment to customer satisfaction and expressed his pride in the company’s timely claims settlement process.

“Our commitment to satisfying our customers remains unwavering and unshakeable. We understand the importance of swift claims resolution and are proud to provide financial support when our customers need it the most, especially in this trying period when a lot of insurers see insurance as the last resort of succour when the unplanned happens,” he remarked.