SIC Insurance Company Ltd - Head Office - Accra

OUR VISION
We will maintain our dominance in the Insurance Industry.

OUR MISSION
To provide innovative and competitive insurance and allied services to our Clients through a highly skilled and motivated workforce with a commitment to deliver value to all stakeholders.

OUR OBJECTIVES
Objectives of SIC towards the realisation of its VISION and MISSION.

Customers: Achieve total customer satisfaction and loyalty.
Shareholders: Maximize shareholders value.
Employees: A satisfied workforce.
Corporate Citizenship: Be a good corporate citizen


OUR PEOPLE PROMISE – OUR VALUES

o TRUST - We’ll never let you down
o RESPECT - We hold you in high esteem
o RELATIONSHIPS - We cherish long lasting partnership
o PROFESSIONALLISM - We know how  

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to serve you right
o SENSE OF URGENCY - We’ll meet every need on time

Who We Are
SIC Insurance Company Limited is the nation's largest general insurer, and has a nationwide coverage. Its lines of insurance include motor, accident, travel, marine, aviation, oil and gas.

SIC was incorporated as State Insurance Corporation by Executive Instrument in 1962 (E.I. 17). It continued in existence by the State Insurance Corporation Instrument, 1965 (LI 424), made under section 5 of the Statutory Corporations Act, 1964. The name of the company was changed to State Insurance Corporation of Ghana by virtue of the State Insurance Corporation (Amendment) Instrument, 1969 (LI 635).

The Statutory Corporations (Conversion to Companies) Act, 1993 (Act 461) provided for a number of statutory corporations, including SIC, to be converted into companies limited by shares under the Companies Code, 1963 (Act 179) (the “Code”). SIC was duly incorporated as a public limited liability company on August 28, 1995

SIC is a listed public limited liability company with over 14,000 shareholders. The Government of Ghana is still the largest single shareholder with 40% shareholding.

The Company’s stated capital is about US$18 million (the NIC’s requirement is US$1 million). Net assets of the Company have grown to US$55.50 million at the end of June 2010.

Products Offering

SIC is a provider of non-life or general insurance products primarily for the Ghanaian market. The Company’s insurance product segments range from fire, motor vehicle, accident, to marine and aviation. In addition, it offers specialty insurance products, such as flexible home package and hoteliers compact, a policy for the hospitality industry.
The following presents a breakdown of the products offered under the various forms of insurance businesses.
Fire Motor Vehicle Accident Marine Aviation

Liability Policy Engineering Policy Contractors Bonds Stevedoring and shore handling liability Product Liability and many more
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Specialty Policies
• Flexible Home Package
• An All Risk Policy for Ghana Institute of Freight Forwarders (GIFF)
• Hoteliers Compact

Specialty Business
SIC’s specialty lines provide professional and financial products and services through a network of brokers and SIC agents. Specialty lines provide solutions for managing the risks of its clients, including healthcare professionals, homeowners, and freight forwarders.
In its efforts to continue to provide products that meet specific needs and stay in competition, SIC introduced the following new products:

Inter-State Road Transport Insurance
SIC serves as the National Guarantor for the Inter-State Road Transit (ISRT) of Goods Protocol signed by ECOWAS states in 1982. The Protocol seeks to promote the free movement of goods by road through one customs office in a member state, free of duties, taxes and restrictions, while in transit to another member state. The Company’s ISRT operations, which commenced in September 2006, have been very satisfactory.

Travel Insurance
The Travel Insurance policy covers travelers from Ghana to countries worldwide. It covers medical expenses, emergency vacation accidents, loss of luggage etc. This product was introduced in December 2005.

Flexi Home
The Flexi home package policy is an all-in-one package that protects the home and household against, fire and allied perils, rent, burglary, jewellery/cash and other valuables, plate glass, family personal accident, and motor vehicle insurance.

Oil and Gas
In the light of the Oil find along the western coast of Ghana, the Company has positioned itself to underwrite Oil, Gas and other ancillary businesses in the country. Further to this, the GHANA INSURERS ASSOCIATION (GIA), as a way of building capacity and positioning itself to adequately handle all related insurances on Oil and Energy Risks, formed a consortium. All insurances relating to exploration, drilling through to production of oil and gas are placed with the consortium and a Manager is appointed, with the core responsibility of managing the entire portfolio.

SIC Insurance Company was appointed as the Consortium Manager, based on our Capital Base, Human Resource Capacity, and Track Record in performance among other things. This responsibility involves dealing with all the local insurance companies participating in the consortium, the clients and other stakeholders as well as the overseas reinsurers.