Sovereign Trust Insurance Plc, STI, said it recently paid out a total sum of N386,933,565.26 as claims in the first quarter of 2016, as a show of its commitment towards prompt claims settlement.
The underwriter stated that the total claims figure was duly verified by the industry regulatory authority, the National Insurance Commission, NAICOM, for the period under review.
The company said, a breakdown of the claims composition paid, revealed that Motor Insurance claim recorded the highest figure of N151,401,865.12, followed by General Accident that accounted for N140,800,782.03, while N78,830,490.06 was paid as claim under Fire Insurance.
According to the company’s statement, other figures released are N9,900,023.79 for Marine & Aviation Insurance while N6,000,403.46 was paid as claims under Engineering class of insurance.
