SIC Insurance Company Limited is one of the oldest non-life (general business) insurance companies in Ghana. It was incorporated in February 1962 by Executive Instrument (E.I) No.17, as State Insurance Corporation which was passed under the Statutory Corporation Act, 1962 (Act 232). It was established as a corporate body by L.I. 424 of 1964 with an initial paid-up capital of GHc1 million. 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 GHc25 million.
In 2007 the sole shareholder offered 60% of the shares of the company to the Ghanaian public by listing it on the GSE. This was oversubscribed by 97%. The government of Ghana retained 40% equity share.
As at 31st December 2010, the company's assets totalled GHc 137.44 million and an annual gross premium of GHc 64.04 million. Recently, the company's management is on the project to expand its operations across the West African sub-region targeting Sierra Leone and Liberia as the most viable opportunities.
SIC Insurance writes virtually all classes of short term insurance including five which cover Motor, Fire, Marine, Aviation, General Accident, and policies for the Hospitality Industry.
Oil & Gas
In the light of the Oil find along the western coast of Ghana, the company has positioned itself to underwrite Oil and Gas and other ancillary business in the country. Further to this, GHANA INSURERS ASSOCIATION (GIA) as a way of building capacity and positioning itself to adequately handle all related insurances on Oil and Energy Risks, formed a Pool. All insurances relating to exploration, drilling, through to the production of oil and gas are placed in the pool and a Manager being appointed with the core responsibility of managing the entire portfolio.
SIC Insurance Company was appointed as the pool Manager based on our Capital Base, Human Resource Capacity, and Track record among other things. This responsibility involves dealing with all the local insurance companies participating in the pool, the clients, and other stakeholders as well as the overseas re-insurers.
SIC is the leading provider of non-life insurance products in Ghana with an estimated Market share of over 25%. The company exceeds the minimum stated capital requirement of US$1million (GHc 1.42million) set by the National Insurance Commission of Ghana.
We will maintain our dominance in the Insurance industry.
To provide innovative and competitive insurance and allied financial services to our clients through a highly skilled and motivated workforce with a commitment to deliver value to all stakeholders.
CORPORATE VALUES (OUR PEOPLE PROMISE)
At SIC, we customize the insurance products for every client - the right product for the right person at the right time!
We will achieve this by applying our guiding principles of:
- Trust - It is the backbone to a healthy business relationship. We will never break a promise to our clients or make a promise we cannot keep.
- Relationship - The value of building long-lasting relationshipswith our clients is crucial for our businesses. We will always be there for our clients.
- Respect - We will always treat our clients with courtesy and compassion.
- Professionalism - We will be ethical and professional in every situation.
- Sense of Urgency - We will always respond to our customers promptly.
Achievements / Awards
- Four times Insurance Company for the year adjudged by the CIMG (Chartered Institute of Marketing, Ghana) (2003 - 2007).
- The First Insurance Company in Ghana to be ushered into the CIMG Hall of Fame category, Insurance category two years running (2008 & 2009).
- Internationally AA rated by Global Credit Rating, South Africa.
Our Credit Rating
SIC Insurance Company is rated by the Global Credit Rating Company (GCR) of South Africa. The company is rated AA, the highest rated in Ghana. This rating indicates that SIC has a very high claims paying ability and its protection factors are strong.
In order to get maximum protection for the Insurances underwritten, the company has the following securities as its reinsurers:
- African Reinsurance Corp. - Nigeria
- Ghana Reinsurance Co. - Ghana
- Hannover Reinsurance Co. - South Africa
- Munich Reinsurance Co. - Mauritius
- Swiss Reinsurance Co. - South Africa
The purpose is to enhance the company's capacity and financial security to underwrite any risk.
The company maintains the following reinsurance brokers to place all the reinsurance businesses.
- Willis - U.K.
- AON Group Ltd. - U.K.
- Afro-Asian Insurance Services. - U.K.
- Mash Ltd. - U.K.
- UAIB - Lagos
- UIB - U.K.
No. 28/29 Ring Road East
Adjacent UNDP Office
P.O. Box 2363, Accra
Tel. 233-21 780600-9
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