Sovereign Trust Insurance Plc has paid claims worth N260m by the end of August. This was up from the N181m paid in the corresponding period of 2006 representing an increase of 43.65 per cent.

In a statement on Friday, the Managing Director of the company, Mr. Seun Ajayi, said STI was poised to meet its obligations as and when due and would not disappoint its customers and other stakeholders.
This announcement from Sovereign Trust Insurance Plc, which is one of the companies to have successfully recapitalised, is coming on the heels of the restructuring exercise embarked upon by the company to help it focus more stringently on meeting the needs of its numerous customers.

The National Insurance Commission has inaugurated an initiative that is focused on alleviating the problems encountered by policyholders with a directive to insurers to ensure prompt payment of claims. Speaking on the same development, the Executive Director Operations, Mr. Wale Onaolapo, said, “What we are doing is very much in line with the objectives of the industry regulators. The underlying thing is the well being of our customers, both individuals and corporate. Our commitment to this is unambiguous".