STI pays N13.3 bn claims in 5 years

Sovereign Trust Insurance (STI) Plc has said it paid about N13.3 billion to clients that suffered various losses over the last five years.
Its Managing Director/Chief Executive Officer (CEO), Olaotan Soyinka, said STI paid a total of N13, 312,459,054, during the five-year covering (2016-2020) period to different insured clients across the country and over its key product lines.
A claim is a reimbursement from an insurance company when its insured customer suffers a loss that is covered under an insurance policy.
Soyinka noted the payment of these claims within the stipulated period, said the company’s strong financials and a commitment to guarantee peace of mind to all its customers as they go about their businesses was behind.
Giving a breakdown of the claims settlement, he said energy insurance ranked tops with N4.2 billion, while Fire insurance came second with N3.1 billion.
Also Motor insurance, ranked third with N3.036 billion as General Accident came fourth with N1.3 billion. Other units included Marine which was fifth on the table with N1.2 billion while Construction All Risk Insurance (CAR & Engineering) came sixth with N235 million.
Commenting on the firm’s claims history, Soyinka said it was the company’s policy to pay genuine claims promptly, adding that claims payment remains one of the paramount reasons for being in business as an underwriter.
He added that the company has built the capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.
To continually achieve excellence in customer service, he said the company has invested heavily in technology that ensures customers from any part of the world are able to file their claims, track the processing and get paid without a one-on-one encounter with STI staff.
According to him, this applies to all lines of the business, except for those that require loss adjusters’ involvement and in some other occasions where the claims process gets complicated for some reasons.
For his part, 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 the T’s and the I’s have been properly checked and certified.
“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,’’ Modilim said.