Insurance World

Sovereign Trust Settles N2.9billion Claims In 2020


PRESS RELEASE—Sovereign Trust Insurance Plc has continued to affirm its commitment and capacity to obligate all genuine claims as and when due.

The company, in the last year settled claims totaling N2 900,626,054.21 (two billion,nine hundred million, six hundred and twenty-sixthousand, fifty-four-naira, twenty-one kobo) to various insured spread across the country.

In a statement issued by the company’s Spokesperson and Head of Sales and Corporate Communications, Mr. Segun Bankole pointed out that the Underwriting Firm is seriously committed to claims settlement as and when due beyond lips service. 

He however, stated that the claims experience in 2020 was quite interesting in the sense that the company had to settle some claims that emanated as a result of the civil commotion in the country occasioned by the endsars protests in major parts of the country.

He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday lifeand that accounted for the sum paid as claims in 2020.

The summary of the claims paid in 2020 shows that Motor had the highest figure of N948m with energyInsurance ranking second with total claims settled to the tune of N802.3m. Fire Insurance claims amounted to N562.8m while Marine & Aviation claims stood at N284.6m.

The total sum of N236.6m was paid as claims on General Accident Policy with Engineering closing the figures with N66.4m bringing the total claims paid to N2.9b.

While commenting on the intent of the organization as regards claims settlement, the Managing Director/CEO of the organization, Mr. Olaotan Soyinka, said: “there is no compromise to genuine claims settlement in Sovereign Trust because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will always continually strive to make good our promise.”

He also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.


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