SIC Insurance Company
Ghanaian insurance company
 | |
| Company type | Public |
|---|---|
Traded as | GSE: SIC |
| Industry | Insurance |
| Genre | Insurers and reinsurers |
| Founded | February 1962; 62 years ago (1962-02) |
| Headquarters | SIC Head Office Building (Nyemitei House) 28/29 Ring Road East Osu, Greater Accra Ghana |
Key people | Dr Kingsley Agyemang (Board Chairman)[1] Hollistar Duah-Yentumi Managing Director[2] |
| Services | Insurance |
| Website | www.sic-gh.com |
SIC Insurance Company (formerly known as State Insurance Corporation) it 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. Recently, its expansion plans were shelved due to the Ebola virus.[6]
Operations
Products
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.[7]
Oil and gas
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,[7] 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.[7] All insurances relating to exploration,[7] 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.[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]
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
- ^ 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.).
- ^ "SIC Ghana Halts West Africa Expansion Plans Citing Ebola". Bloomberg Business. Retrieved 23 March 2015.
- ^ a b c d e f g h i j About Us - SIC Insurance Company. pbcgh.com.
External links
- SIC Insurance Company's official homepage
- SIC Insurance Company - Annual Report 2010
- GhanaWeb.com
- SIC Insurance Company at Ghanastocks.net
- SIC Insurance Company at Alacrastore
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