Sovereign Trust Insurance pays N112m claims on Phinomar farms

Underwriting firm, Sovereign Trust Insurance plc has paid the sum of N112.27 million as claims settlement for the fire incident that occurred on the farmland of Phinomar Nigeria Limited, an agricultural company located in Enugu in the Eastern part of the country.
Segun Bankole, Company’s Chief Spokesperson and Head of Corporate Communications & Brand Management disclosed that the organisation paid the amount on a single Fire and Extraneous Peril Policy taken by the Company. He further mentioned that the company’s resolve in settling genuine claims of whatever magnitude remains sacrosanct and that has been the pivotal thrust of the organization’s business philosophy.

Bankole pointed out that the company has paid a total sum of N746.91 million as claims within the last five and half months of 2015.
Doyin Fasanya, head of Claims in the Technical Division of Sovereign Trust who gave the claims breakdown said the amount paid represents figures drawn from the different classes of insurance. A total of N235, 852,790 was paid on Motor Insurance while Fire accounted for N255,311,443. The sum of N105, 813,608.31 was paid out in claims under General Accident, claims under Energy/Oil & Gas accounted for N103,115,689.25.
Other figures provided include, N29, 417,480.16 as claims settlement for Marine & Aviation, while CAR/Engineering accounted for N17, 399,570.43, as at the end of May 31, 2015.
While commenting, the Managing Director/CEO of Sovereign Trust Insurance Plc, Wale Onaolapo said that the organisation will continue to honour its pledge as a claims-paying company in all sense of the word provided all parties play their parts within the ambit of the contract.
He stated that the underwriting firm has gone a step further in strengthening its claims-paying ability in recent time, and as such, all claims brought to the notice of Management will be duly attended to and necessary obligations shall be honoured to the letter.
“We will never relent in honouring our financial obligations to our customers just as we will continue to protect their interest at all times.” There is a conscious effort to have an enduring partnership with every of our customers based on the dictates of our core values which is surmised under Integrity, Empathy and Superior Customer Service, Onaolapo stated.
Customer delight remains the swivel of the continued existence of any business as it inevitably builds customer loyalty. “The major reason any insured picks up an insurance policy is to receive compensation when claims occur which is what Sovereign Trust Insurance Plc is poised to deliver.”
Businessdayonline