SIC Insurance Company

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SIC Insurance Company
Public
Traded as GSE: SIC
Industry Insurance
Genre Insurers and reinsurers
Founded February 1962
Headquarters SIC Head Office Building (Nyemitei House)
28/29 Ring Road East
Osu, Greater Accra
Ghana
Key people
Max Cobbin (Chairman)[1]
Doris Awo Nkani (CEO)[2]
Services Insurance
Website www.sic-gh.com

SIC Insurance Company(formerly called State Insurance Corporation) is a Ghanaian insurance company.[3][4] They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index.[5] It formed in February 1962. Recently its expansion plans were shelved due to the Ebola virus.[6]

Operations[edit]

Products[edit]

SIC Insurance writes virtually all classes of short-term insurance including five which cover motor, fire, marine, aviation, and general accident, and policies for the hospitality industry.[7]

Oil and gas[edit]

In the light of the oil find along the western coast of Ghana, SIC Insurance positioned itself to underwrite oil and gas and other ancillary business in Ghana. Further to this,[7] Ghana Insurers Association (GIA) as a way of building capacity and positioning itself to adequately handle all related insurances on oil and energy risks, and form a pool.[7] All insurances relating to exploration,[7] drilling, through to the production of oil and gas are placed in the pool and the core responsibility of the entire portfolio is managed by the appointed Manager.[7] SIC Insurance was appointed as the pool manager based on their capital base, human resource capacity, and track record among other things.[7] SIC Insurance's responsibility involves dealing with all the Ghana insurance companies participating in the pool,[7] the clients and other stakeholders as well as the overseas re-insurers.[7]

Market share[edit]

SIC Insurance is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25%.[7] The company exceeds the minimum stated capital requirement of US$1 million (GH¢1.42 million) set by the National Insurance Commission of Ghana.[7]

References[edit]

External links[edit]