Our Vision
We will maintain our dominance in the Insurance Industry.
Our Mission
To enhance service delivery and stakeholder value using cutting - edge technology and innovation to drive productivity.
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 Values
- Relationships - We build lasting interactions with clients through Trust, Respect & Relevance
- Reliability - We meet expectations and fulfill our promises
- Integrity - We practice high moral principles
- Professionalism - We display skills, competence & work qualities expected of us
- Excellence - We exhibit the highest standards & qualitiies of behaviour
Who We Are
SIC Insurance PLC 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.
Our History
SIC Insurance PLC is one of the oldest non-life insurance companies in Ghana. It traces its roots to the year 1955, when the Gold Coast Insurance Company was established. It was renamed Ghana Insurance Company in 1957, when Ghana attained independence.
In 1960, Ghana Insurance Company which was primarily a life assurance company, set up a subsidiary company – Ghana General Insurance Company (Ghana General) to underwrite fire and motor businesses.
The Government of Ghana in February 1962, per an Executive Instrument, took over the Ghana Cooperative Insurance Company and reconstituted it into the State Insurance Corporation to await the completion of takeover negotiations with Ghana Insurance Company and its subsidiary Ghana General. Subsequently after a successful takeover of the two private companies – Ghana Insurance and Ghana General – the new company, State Insurance Corporation, commenced business in November, 1962.
In 1995, State Insurance Corporation was converted into a public limited liability company as part of the Government of Ghana’s divestiture programme. The company became known as State Insurance Company of Ghana Limited with the Government of Ghana as the sole shareholder. The State Insurance Company of Ghana Ltd. took over all the business assets and liabilities of the State Insurance Corporation of Ghana.
By a special resolution passed on 22nd October, 2007 the name of the Company was changed to SIC Insurance Company Limited.
In accordance with the provisions of the current insurance legislation, the Insurance Act, 2006 , SIC has duly separated its general business from the life business with the incorporation of SIC Life Limited. By a special resolution, SIC transferred the life business and assets to SIC Life Limited and in consideration of that 80,000,000 ordinary shares were issued to the Government of Ghana.
SIC is a leading provider of general or non-life insurance products in Ghana. Its business operations cover fire, motor, marine and aviation, and accident insurance. SIC also provides specialty insurance products such as hoteliers and leisure policy, a policy for the hospitality industry. With roots dating back to 1955, the Company has been operating for more than 52 years and has developed long-standing relationships with insurance brokerage firms and some independent agents, who constitute some of its primary distribution channels.
SIC’s business is national in scope with a visible presence in all ten regions of Ghana. The Company has consistently, over the span of its business life, maintained steady market leadership. Currently, SIC holds approximately 23% of the insurance industry’s total market share.
Ownership
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.
Corporate Social Responsibility
SIC, takes its corporate and social responsibility very seriously. This is the reason why the Company, spends as much as GH¢178,500.00 in fulfilling this social responsibilities. The main CSR platforms for the company’s are Health, Education, Sports and community development.
Some of the beneficiaries included:
- Otumfuo Osei Tutu, the Asantehene Education Foundation,
- The Accra Metropolitan Assembly (Elimination of Shift System in Public Schools),
- Ghana Heart Foundation,
- The Road Safety Fund,
- Ghana Medical Association,
- Sports Writers Association of Ghana,
- National Farmers’ Day and many more.
- Library Project in collaboration with Rotary Club
- Police Station at Community 11,Tema in collaboration with Rotary Club
- Ghana Law School
- Ghana Academy of Arts & Sciences
- Full Gospel Men’s’ Fellowship
- Nouveau Face Haus
- Mother’s Day Celebration
- Association of Building and Civil Engineers and Contractors of Ghana
- Ministry of Youth & Sports (May 9 Activities and National Unity Games)
- KNUST Trust Fund
- World Heart Day
- Joyfm Read 100 Library Project
Achievements/Awards
- SIC Insurance Company is a member of the Ghana Club 100;
- Four years running Insurance Company of the year adjudged by the CIMG. (Chartered Institute of Marketing, Ghana) (2003 – 2007).
- The First Insurance Company in Ghana to be ushered into theCIMG Hall of Fame category, Insurance category two years running (2008 & 2009) and has retained Hall of Fame status till date.
- Internationally rated AA in Claims Paying Ability by Global Credit Rating, South Africa.
The Global Credit Rating Company (GCR) of South Africa in December, 2009, rated SIC Insurance Company Ltd “AA” in claims paying ability. The rating by GCR reflects an evaluation of an Insurer’s current financial position as well as how its financial position may change in the future. SIC’s protection factors were adjudged to be strong and risk exposure modest.
- Currently, SIC is the highest independently rated Insurance Company in Ghana.
Reinsurers
In order to get maximum protection for the insurances underwritten, SIC Insurance Co. Ltd has very reputable Reinsurers and Reinsurance Brokers. The purpose is to enhance its capacity and financial security to underwrite any risk.
The Reinsurers/Reinsurance Brokers include the following:
- AON Group Ltd. - U.K.
- Afro-Asian Insurance Services - UK
- African Reinsurance Corp. - Nigeria
- Assicurazioni Generali Trieste - U.K.
- BEST Reinsurance – Tunis - Tunisia
- Hannover Reinsurance Co - South Africa
- Marsh Ltd. - U.K
- Munich Reinsurance Co. - South Africa
