SIC Insurance Company

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)[1]
Services Insurance
Website www.sic-gh.com

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]

Operations

Products

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

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

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]

References

  1. 1 2 Board of Directors - SIC Insurance Company. pbcgh.com.
  2. ↑ Sic Insurance Co Ltd (SIC:Accra). investing.businessweek.com.
  3. ↑ SIC Insurance Company. bloomberg.com (Bloomberg L.P.).
  4. ↑ SIC Insurance of Ghana First-Quarter Profit Rises 37%. bloomberg.com (Bloomberg L.P.).
  5. ↑ "SIC Ghana Halts West Africa Expansion Plans Citing Ebola". Bloomberg Business. Retrieved 23 March 2015.
  6. 1 2 3 4 5 6 7 8 9 10 About Us - SIC Insurance Company. pbcgh.com.
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