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STI adds medical travel to line of products


Sovereign Trust Insurance Plc, STI, said it has added the Medical Travel Insurance Product to the line of products and services under its stable.

The company said the move is part of its commitment to provide insurance services and products across all sectors of the Nigerian economy in the non-life and general insurance business and it is working in collaboration with a London-based underwriting firm to ensure that travelers in Nigeria either for business or pleasure outside the shores of the country get adequate Medical Travel Insurance Cover whenever they have to embark on such journeys.

In a statement to Vanguard, the company said that the Medical Travel Insurance is designed to provide cover for an intending traveler for a period of time while the traveler is away from his/her home or business to a foreign country.

For most European and Asian Countries, the Medical Travel Insurance has become one of the vital requirements for the issue of visas to Nigerians traveling on business and vacation to these countries. The applicability of the policy is dependent on the extent of cover that the intending traveler may want which is clearly spelt out in the various sections of the insurance certificate that is issued to the intending traveler.

According to the Divisional Head, Technical, Mr. Tajudeen Rufai, “the need to include the Medical Travel Insurance to the list of products under the stable of the company cannot be overemphasised at this point in time. We have carefully studied and watched the growing demand for this particular product before accepting to underwrite it.

Management wanted to be sure of the kind of collaboration that will benefit and add value to the class of the insuring public that the product will address before launching out. Our choice of partnership with one of the foremost insurance companies in the United Kingdom is to ensure that our customers get real value and service for their money whenever they go to any of the company’s branches nationwide.”

He further advised that intending travelers who might want to take the cover for their trips should endeavour to make clarifications if they are in doubt when applying to get the cover for their journey. He stressed that such clarifications will clear any doubt in their minds and make them understand better the contractual agreement in the Policy so as to guide them in making the necessary claims whenever the need arises.

The Head of Corporate Communications and Brand Management, Mr. Segun Bankole said, the company is poised to delight Nigerian travelers with its own brand of Medical Travel Insurance that has fully taken off. “We are known to do things in a very unique and innovative manner in Sovereign Trust Insurance Plc and this we intend to extend to this new product that we just added to our line of business in January 2012”.

Following the Federal Government’s directive on recapitalisation which ended on February 28, 2007, Sovereign Trust Insurance Plc was among the licensed companies to underwrite general insurance business having consummated a merger arrangement with the erstwhile Confidence Insurance Plc, Coral International Insurance Company Limited and Prime Trust Insurance Company Limited. The company continuously strives to be amongst the top five insurance companies in Nigeria.

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