STI makes N2.5b claims settlement in nine months


STI makes N2.5b claims settlement in nine months


By Nsikan Ikpe



The underwriters, Sovereign Trust Insurance Plc, STI  have once again shown their avowed commitment to claims settlement as they recently released their third quarter claims record detailing total claims paid between January and September 2021.


In the published statement, the claims figures reveal that the sum of N2,515,004,405.67 (Two billion five hundred and fifteen million, four thousand, four hundred- and five-naira, sixty-seven kobo only) had been paid in the period under review.


A rundown of the claim’s composition paid during the nine months period shows Energy/Oil & Gas Insurance having the highest figure of N774 million, (seven hundred and seventy-four million), Fire and Allied Perils accounted for N505.5 million while N460 million was paid as claims under Motor Insurance. Other figures as released by the organization are, N355 million for General Accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance.


While commenting on the claim’s payment, the Executive Director, Technical, Jude Modilim, said “there is no compromise to claims settlement in Sovereign Trust Insurance Plc because that is the barometer 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 as long as the claims are genuine and treated accordingly.”


While commenting further, Modilim 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/CEO of the organization, Olaotan Soyinka stated that “one of our means of advertisement in Sovereign Trust Insurance Plc 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”.


Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with a network of eighteen (18) locations spread across major commercial cities in the country. With Shareholders fund in excess of N8.6 billion, Sovereign Trust Insurance Plc towers high above its peers in the industry. It will be recalled that Sovereign Trust Insurance was recently awarded the “Outstanding Insurance Company of the Decade” by Marketing Edge, a renowned Marketing Communications Outfit in the country.



Nigeria’s Finance Minister, Zainab Ahmed



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