Despite a highly competitive insurance market, it is significant to note that SIC continues to dominate the market with a market share of about 40%.
The table below shows SIC’s market share for the various insurance business lines for the years ended December 31, 2002 to 2005.
Insurance Products
| Years Ended December 31 | 2005 | 2004 | 2003 | 2002 |
| Fire | 26 | 16 | 23 | 19 |
| Motor | 41 | 42 | 43 | 47 |
| Accident | 23 | 25 | 24 | 33 |
| Marine & Aviation | 70 | 68 | 69 | 60 |
| Total | 40% | 37% | 38.1% | 39.3% |
Marketing Channels
SIC offers its products through registered brokers, company-employed sales representatives, and marketing field staff. It also, to a large extent, depends on walk-in customers. SIC’s marketing strategy is to appeal to customers who desire a feature-rich product at a competitive price. The Company uses broadcast, print media, community events, and the internet to offer its products to its target markets.
The Company has a broad marketing reach because of its comparatively larger number of agents. It has approximately 600 in-house trained agents who market its products all over the country to cater for the special needs of its geographical markets.
SIC’s marketing field officers do not only offer products to its target markets, but also collect market data for the Company to use to enhance its existing product base and develop newer lines of policies.
Additionally, the Company uses thirty-seven registered independent insurance brokers to offer its products, particularly for its fire, marine and general accident lines of business.
