SIC Insurance Company

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SIC Insurance Company
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)[1]
Services Insurance

SIC Insurance Company(formerly called State Insurance Corporation) is a Ghanaian insurance company.[2][3] They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index.[4] It formed in February 1962. Recently its expansion plans were shelved due to the Ebola virus.[5]



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.[6]

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,[6] 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.[6] All insurances relating to exploration,[6] 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.[6] SIC Insurance was appointed as the pool manager based on their capital base, human resource capacity, and track record among other things.[6] SIC Insurance's responsibility involves dealing with all the Ghana insurance companies participating in the pool,[6] the clients and other stakeholders as well as the overseas re-insurers.[6]

Market share[edit]

SIC Insurance is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25%.[6] The company exceeds the minimum stated capital requirement of US$1 million (GH¢1.42 million) set by the National Insurance Commission of Ghana.[6]


  1. ^ a b Board of Directors - SIC Insurance Company. Cite error: Invalid <ref> tag; name "Board_of_Directors_-_SIC_Insurance_Comany" defined multiple times with different content (see the help page).
  2. ^ Sic Insurance Co Ltd (SIC:Accra).
  3. ^ SIC Insurance Company. (Bloomberg L.P.).
  4. ^ SIC Insurance of Ghana First-Quarter Profit Rises 37%. (Bloomberg L.P.).
  5. ^ "SIC Ghana Halts West Africa Expansion Plans Citing Ebola". Bloomberg Business. Retrieved 23 March 2015. 
  6. ^ a b c d e f g h i j About Us - SIC Insurance Company.

External links[edit]