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STI Pays N13.5billion Claims In Five Years

Sovereign Trust Insurance (STI) Plc has paid N13.3 billion to its clients that suffered various losses in the last five years, its Managing Director/Chief Executive Officer (CEO), Olaotan Soyinka, has said.
Soyinka stated that the claims, which were paid between 2016 and last year, underscored the company’s strong financials and commitment to its customers.
Giving a breakdown of the claims, he said energy insurance ranked number one with N4.2 billion while Fire insurance rank number two with N3.1 billion.
Motor insurance, he said, ranks third with N3.036 billion as General Accident comes fourth with N1.3 billion, Marine fifth on the table with N1.2 billion while Construction All Risk Insurance (CAR & Engineering) sixth with N235 million.
He said it is the company’s policy to pay genuine claims promptly, stating that claims payment is paramount to the firm.
Executive Director, Technical Operations, Jude Modilim, said: “The company is committed to settling genuine claims and there is no compromise to that as long as long as the t’s have been crossed and the i’s dotted.
“Genuine claims settlement in STI is a major focus of our operations and we do not pay lip service to it. Claims settlement is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country.’’

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