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General business underwriter, Sovereign Trust Insurance plc, has paid out N138 million on claims in the first quarter ending March 2009, to its clients that experienced losses during the period.  According to the company, the sum of N36 million was paid as claims in January, while claims amounting to N52 million were settled in February, with March figure put at N50 million. 
Breaking down the figures, motor insurance accounted for the highest amount, which was about N79 million for the three months period, followed by general accident with about N32 million claims settlement. Other figures are N17 million for fire and allied perils; N8 million for marine insurance and N2 million for engineering insurance. 
Addressing journalists in Lagos, Wale Onaolapo, managing director, Sovereign Trust Insurance plc, stated that “claims settlement is a key priority in Sovereign Trust Insurance because that is the reason why it is in business.
“We will always ensure that customers go away with pleasant experiences when it comes to claims settlement, our customers will not go through harrowing experiences before their claims were settled. Promptness and professionalism are our watchwords, when it comes to settling claims,” Onaolapo stated. According to him, Sovereign Trust has never been found wanting when it comes to meeting its claims settlement obligations, and will remain committed to customers’ expectations. 
The company, which was established in 1995, presently has a network of 21 branches spread across the country. It will be recalled that Sovereign Trust Insurance was recently rated A- for the second time running by Global Credit Rating (GCR), a world-renowned rating agency, based in South Africa. 
The company’s financials in terms of the gross premium and profit have been on the upward swing over time, even as the company strives to be of the top five insurance companies in the country by the year 2012.