SIC Insurance PLC sets sights on boosting Ghana's insurance penetration

Ghana’s largest and oldest indigenous insurance company, SIC Insurance PLC, has expressed its commitment to collaborating with the media to increase insurance penetration in the country.

At a media soiree in Accra on Friday, December 12, 2025, James Agyenim Boateng, the Managing Director (MD) of SIC Insurance PLC, highlighted its efforts to educate the public about the importance of insurance, clarify misconceptions surrounding policies and claims, and amplify success stories that build trust in the industry.

“We cannot transform this project without strong collaboration with those of you in the media.

“We therefore invite you to join hands with SIC Insurance PLC to educate the public about the importance of insurance, clarify misconceptions surrounding policies and claims, and amplify success stories that build trust in the industry, as well as advocate financial protection through insurance as a national culture,” he said.

Further, the Managing Director of SIC Insurance PLC also announced the Company’s plans to introduce a mandatory travel insurance policy.

Dubbed the “Akwaaba” Policy, it would be for all inbound non-Ghanaians coming into the country, effective January 1, 2026, “barring any unforeseen circumstances,” he added.

Agyenim Boateng noted that the company had already obtained the necessary clearances and was set to implement the policy.

“It is our belief that together we can elevate public understanding and push Ghana’s insurance penetration significantly higher in 2026 and beyond,” he said.

He also reported a 344 per cent increase in its share price on the Ghana Stock Exchange since the beginning of 2025, attributing its success to the Insurance Company’s commitment to digital transformation, customer-centric service, and profitable underwriting.

He said, “SIC Insurance PLC has paid a total of GH¢78 million in claims as of August 2025, with a total of GH¢173.45 million paid in claims last year. The company has also intensified its efforts towards digital innovation and enhancing its digital platforms for policy purchase and renewal,” he said.

He said the Company was committed to ensuring digital transformation and customer-centric service and in 2026, they would intensify efforts towards digital innovation and enhance their digital platforms for policy purchase and renewal.

The MD, as a result, invited media houses to collaborate with SIC Insurance PLC, to help broaden insurance knowledge across the country and champion the national agenda of increasing insurance penetration for the benefit of Ghanaians and the Ghanaian economy.