SIC Insurance Company (formerly known as State Insurance Corporation) it is a

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

ian

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company. They are listed on the

stock index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the pr ...

of the

Ghana Stock Exchange The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securiti ...

, the

GSE All-Share Index The principal stock index of the Ghana Stock Exchange or GSE is the GSE Composite Index. It was introduced in 2011 with a base value of 1000 points. This index is calculated from the values of each of the market's listings. Market listings Pr ...

.SIC Insurance of Ghana First-Quarter Profit Rises 37%
''bloomberg.com'' (

Bloomberg L.P. Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 1 ...

). It was formed in February 1962. Recently it's expansion plans were shelved due to the

Ebola virus ''Zaire ebolavirus'', more commonly known as Ebola virus (; EBOV), is one of six known species within the genus '' Ebolavirus''. Four of the six known ebolaviruses, including EBOV, cause a severe and often fatal hemorrhagic fever in humans and o ...

Operations

Products

SIC Insurance writes virtually all classes of short-term insurance including five which cover

motor An engine or motor is a machine designed to convert one or more forms of energy into mechanical energy. Available energy sources include potential energy (e.g. energy of the Earth's gravitational field as exploited in hydroelectric power g ...

, fire, marine, aviation, and general accident, and policies for the hospitality industry.About Us - SIC Insurance Company
pbcgh.com.

Oil and gas

In the light of the

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...

find along the western coast of Ghana, SIC Insurance positioned itself to underwrite oil and

gas Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma). A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...

and other ancillary business in Ghana. Further to this, 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. All insurances relating to

exploration Exploration refers to the historical practice of discovering remote lands. It is studied by geographers and historians. Two major eras of exploration occurred in human history: one of convergence, and one of divergence. The first, covering most ...

, 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. SIC Insurance was appointed as the pool manager based on their capital base, human resource capacity, and track record among other things. SIC Insurance's responsibility involves dealing with all the Ghana insurance companies participating in the pool, the clients and other stakeholders as well as the overseas re-insurers.

Market share

SIC Insurance is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25 %. The company exceeds the minimum stated capital requirement of

US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

1 million (

GH¢ The cedi ( ) (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp). After independen ...

1.42 million) set by the National Insurance Commission of Ghana.

References

External links

SIC Insurance Company official homepageSIC Insurance Company - Annual Report 2010

GhanaWeb.comSIC Insurance Company at Ghanastocks.netSIC Insurance Company at Alacrastore
{{Economy of Ghana Insurance companies of Ghana Companies based in Accra Financial services companies established in 1962 1962 establishments in Ghana Companies listed on the Ghana Stock Exchange