Insurance : SIC Insurance Company Limited - Ghana

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SIC Insurance Company Limited - Ghana

Insurance



SIC Insurance Company Limited 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.

 

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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 GoG.

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.

 

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Insurance Policies

SIC’s motor insurance policy provides you with covers for legitimate liabilities that may arise in the use of your vehicle. SIC’s motor insurance covers includes Third Party Only Cover, Comprehensive Cover and Third Party, Fire & Theft Cover.

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SIC’s travel insurance policy offers protection for travelers when they leave the shores of Ghana.  The policy provides coverage for a host of unforeseen events that may occur in the course of the trip.  Here are some of the covers and benefits it provides:

a) Emergency medical expenses

b) Delayed departure

c) Loss of passport and checked-in luggage among others

 

SIC's General Accident Insurances generally covers unforeseen, accidental and sudden loss of or damage to property and injury/death to persons.

SIC has Four classes of General Accident Policies:

  • Insurance of the person
  • Property insurance
  • Pecuniary insurance
  • Liability insurance

 

Fire insurance gives the insured the requisite financial protection against assets acquired during his/her lifetime so that in the event of any misfortune the insured would be put in the same financial position he/she enjoyed just before the loss.

There are two (2) main potential buyers of fire insurance

  • the individual and
  • the entity (organization).
The Individuals need Fire Insurance as protection against his/her property including buildings, household goods and personal effects. The Organization including Commercial and Industrial entity could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.
 
 
 
 
 


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