SIC Insurance Company
This article contains promotional content. (May 2012) |
| File:SIC Insurance Company logo.jpg | |
| Company type | Public |
|---|---|
| GSE: SIC | |
| Industry | Insurance |
| Genre | Insurers and reinsurers |
| Founded | February 1962 |
| Headquarters | |
Key people | Hon. Bernard Ahiafor (1st Deputy Speaker of Parliament & MP for Akatsi South) Board Chairman)[1] James Agyenim-Boateng Managing Director[2] |
| Services | Insurance |
| Website | www.sic-gh.com |
SIC Insurance Company (formerly known as 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 was formed in February 1962.
Operations
[edit | edit source]Products
[edit | edit source]SIC Insurance writes virtually all classes of short-term insurance including five which covers motor, fire, marine, aviation, general accident, and policies for the hospitality industry.[6]
Oil and gas
[edit | edit source]In light of the oil found along the western coast of Ghana, SIC Insurance positioned itself to underwrite oil and gas and other ancillary businesses in Ghana. Further to this,[6] Ghana Insurers Association (GIA) as a way of building capacity and positioning itself to adequately handle all related insurance on oil and energy risks, and form a pool.[6] All insurances relating to exploration,[6] drilling, 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 | edit source]SIC Insurance is one of the leading providers of non-life insurance products in Ghana with an estimated market share of over 12%.[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]
References
[edit | edit source]- ^ Board of Directors - SIC Insurance Company. pbcgh.com.
- ^ Executive Management - SIC Insurance Company. pbcgh.com.
- ^ Sic Insurance Co Ltd (SIC:Accra). investing.businessweek.com.
- ^ SIC Insurance Company. bloomberg.com (Bloomberg L.P.).
- ^ SIC Insurance of Ghana First-Quarter Profit Rises 37%. bloomberg.com (Bloomberg L.P.).
- ^ a b c d e f g h i j About Us - SIC Insurance Company. pbcgh.com.
