Published On: Wed, Jun 15th, 2016

STI settles N386.9m claims in Q1

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Sovereign Trust Insurance Plc said it has settled claims worth N386.9 million in the first quarter of 2016.

According to company, the total claims figure was duly verified by the National Insurance Commission (NAICOM) for the period under review.

A breakdown of the claims showed that Motor Insurance claim recorded the highest figure of N151.4million, followed by General Accident accounting for N140.8 million while N78.8million was paid as claim under Fire Insurance.

Other figures as released by the organisation are N9.9 million for Marine & Aviation Insurance while N6 million was paid as claim under engineering class of insurance.

Commenting on the claims payment, the Divisional Head, Technical, Mr. Rufai Tajudeen reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods.

According to him, “there is no compromise to claims settlement in Sovereign Trust Insurance Plc and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation.”


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