Prolific Underwriters, Sovereign Trust Insurance Plc has disclosed that it made a total claims payment of N138 million in the first quarter (January –March) of 2009.
According to the statement made available by the Corporate Communications / Brand Management department of the organization, the sum of N36 million was paid as claims in January while claims amounting to N52 million were settled in February. The figure for March was put at N50 million.
A rundown of the figures showed that Motor Insurance accounted for the highest amount with about N79 million in the first quarter. Under general accident classification, a total of N32 million was paid out for claims settlement. Other figures are, N17 million for Fire and Allied Perils, N8 million for Marine Insurance and N2 million for Engineering Insurance.
While addressing Journalists recently, The Managing Director of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo stated “Claims settlement is key and the reason why we are in business. it is our number one priority and we are committed to ensuring that prompt claims settlement remains the hallmark of our business. While stating further, Onaolapo said “We will always ensure that customers go away with pleasant experiences when it comes to claims settlement, we do not allow our customers to go through harrowing experiences before their claims are settled.
Sovereign Trust Insurance Plc has never been found wanting when it comes to meeting its claims settlement obligations. The company which was established in 1995 presently has a network of twenty one branches spread across the country. It will be recalled that Sovereign Trust Insurance Plc was recently rated A- for the second time running by Global Credit Rating (GCR) a world renowned rating agency based in South Africa. The company’s financials in terms of the Gross premium and Profit have been on the upward swing over the years. Sovereign Trust is also poised to be one of the top five Insurance Companies in the country by the year 2012.