STI settles N13.3bn claims in five years

Sovereign Trust Insurance (STI) Plc has settled claims amounting to N13.3 billion to it’s policyholders in the country over the last five years.


A release from the firm confirmed that the claims paid out between 2016 and 2020 underscored 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.


According to the data made available to journalists, Sovereign Trust Insurance Plc paid a total of N13.312 billion during the five-year period to different policyholders across the country and across its major product lines. The breakdown of the claims shows that energy insurance ranked number one with N4.2 billion while fire insurance was N3.1 billion. Motor insurance ranked third with N3.036 billion as general accident gulped N1.3 billion.


Marine took N1.2 billion while Construction All Risk Insurance (CAR & Engineering) took N235 million. Managing Director/CEO, Sovereign Trust Insurance Plc, Olaotan Soyinka, while 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.


“We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our Broker partners who have continued to do business with us over the past years.”


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