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, General Accident, and policies for the Hospitality Industry.[6]

Oil & 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 Associtaion (GIA) as a way of building capacity and positioning itself to adequately handles all related insurances on Oil and Energy Risks, and formes 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 our Capital Base, Human Resource Capacity, and Track record among other things.[6] SIC Insurance 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$1million (GH¢1.42million) set by the National Insurance Commission of Ghana.[6]


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