By Maduka Nweke

SOVEREIGN Trust Insur­ance Plc (STI) said it has demonstrated its commit­ment towards prompt claims settlement when it recent­ly paid out a total sum of N386,933,565.26 as claims in the first quarter of the year.

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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.

A rundown of the claims composition paid, the com­pany said, 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 by the organisation are N9,900,023.79 for Marine & Aviation Insurance while N6,000,403.46 was paid as claims under Engineering class of insurance.