Sovereign Trust Insurance (STI) Plc demonstrated its unwavering commitment to customer satisfaction by disbursing N1.91 billion in claims during the first half of 2024. This achievement underscores the company’s dedication to promptly resolving claims and providing financial support when it is needed most, especially during challenging times.
Olaotan Soyinka, the Managing Director/CEO of STI, emphasized the company’s steadfast commitment to its customers. “We recognize the critical importance of swift claims resolution. Our priority is to support our customers financially when they face unforeseen events, particularly in these challenging times when insurance often becomes the last refuge,” he stated.
Segun Bankole, the Head of Corporate Communications and Investor Relations at STI, highlighted in a statement that this substantial payout exemplifies the company’s efficiency and reliability in serving its customers. The claims, totaling 1,455 across various policies, reflect the breadth of STI’s coverage.
A breakdown of the claims paid reveals that fire policies accounted for the highest sum at N931 million, followed by motor claims at N416 million. General accident claims amounted to N254 million, marine and aviation claims totaled N218 million, engineering claims reached N65 million, while oil and gas claims stood at N9.6 million, and energy claims were N584,000.
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STI’s dedication extended beyond merely settling claims; the company also made regular follow-up calls to ensure customers were fully satisfied. Beneficiaries praised STI for the timely and professional handling of their claims, reinforcing the company’s reputation for excellence.
