Sovereign Trust Insurance pays N13.3bn claims in 5 years

Sovereign Trust Insurance (STI) Plc has paid out a whopping sum of N13.3 billion to its clients across the country that suffered different kinds of losses over the last five years.

The claims paid out between 2016 and 2020 underscores the company’s strong financial ability and undeterred commitment to guarantee peace of mind to all its customers as they go about their businesses without fear on a daily basis.

A claim is a reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance policy. According to the data made accessible to journalists, Sovereign Trust Insurance Plc paid a total of N13, 312,459,054, (Thirteen Billion, three hundred and twelve million, four hundred and fifty-nine thousand and fifty-four naira) during the five-year period to different insureds across the country and across her major product lines.

The breakdown of the claims shows that Energy insurance ranks number one with N4.2 billion while Fire insurance is number two with N3.1 billion. Motor insurance ranks third with N3.036 billion as General Accident comes fourth with N1.3 billion and Marine is fifth on the table with N1.2 billion while Construction All Risk Insurance (CAR & Engineering) is the sixth with N235 million.

Olaotan Soyinka, Managing Director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said, “it is in the policy of the company to pay all genuine claims promptly while stating that claims payment is one of the paramount reasons for their being in business”.

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