| SIC Insurance Company | |
| Key People: | Dr Kingsley Agyemang (Board Chairman)[1] Hollistar Duah-Yentumi Managing Director[2] |
| Homepage: | 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. Recently, its expansion plans were shelved due to the Ebola virus.[6]
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.[7]
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]