State Insurance Corporation was incorporated in February 1962 by Executive Instrument (E.I) No.17, which was passed under the Statutory Corporation Act, 1962 (Act 232). It was born out of the Ghana Insurance Company, its subsidiary Ghana General, and the Ghana Co-operative Insurance Society Limited. It was established as a body corporate by L.I. 424 of 1964 with an initial paid –up capital of 1 million pounds.
Conversion
On August 28, 1995, the Corporation was converted into a Public Limited Liability Company and renamed State Insurance Company of Ghana Limited. It was re-registered under the Companies’ Code, 1963 (Act 179) and currently has a paid up capital of ˘25 billion.
SIC is further regulated by the Insurance Law 1989 (PNDCL. 227), its subsidiary LI 1502 and its own internal regulations.
CORPORATE VISION
SIC will position itself to become the most dominant insurer within the industry. In addition, the company will become the pacesetters in innovation in terms of financial products, technology and human resource development.
CORPORATE MISSION
To provide innovative and competitive insurance and other financial services to our clients through a highly motivated and efficient workforce, coupled with a commitment to deliver optimal returns to the shareholders.
The thrust of SIC objectives is to achieve total customer satisfaction and growth in premium income through efficient customer service delivery.
This will enable the company continue to secure the largest share of the Insurance market for both Life and Non-Life Business lines.
Brief History 