Sovereign Trust Insurance Plc paid the sum of N439,946,599.87 as claims during the company’s half year operations.

The breakdown showed that motor insurance recorded the highest figure of N206,958,578.43, followed by general accident portfolio which had N84,548,986.44 while N83,600.962.46 went into claims settlement on fire and special perils. Marine and aviation claims amounted to N39,685,847.72, engineering claims N23,333,591.65 and Oil & gas portfolio claimed N1,800,880.00.

In all, a total of 1,018 policyholders were beneficiaries of claims settlement in respect of the different classes of insurance policies under the stable of the underwriting firm.

The Divisional Head, Technical, Mr Tajudeen Rufai, reiterated the company’s uncompromising stance towards prompt settlement of genuine claims.

He said that the company had designed a customer-friendly claims process to facilitate timely claims settlement with the aim of delighting its esteemed customers.

In the same vein, the Managing Director/CEO, Mr Wale Onaolapo, stated that the company had lived up to its responsibility by fulfilling its financial obligations to its policyholders.

He also stated that “We are serious about our business in Sovereign Trust Insurance Plc and we hold our customers dear in everything we do”.

He further said that the company would not leave any stone unturned in ensuring quality and exceptional service delivery to its various policyholders.

In his concluding statement, the Managing Director admonished the insuring public to consciously adopt an insurance culture for the betterment of their lives.