SIC Widens Net

As part of plans to expand its services to other countries in the sub-region, SIC Insurance Company Limited is working on a project to open branches in Sierra Leone and Liberia.

The expansion project will, among other things, create new business models and allow other nationals to benefit from the success of the company.

Benjamin K. Acolatse, Managing Director of SIC Insurance disclosed this at the launch of Golden Jubilee anniversary celebrations of the company.

Giving a brief history of the company, Mr. Acolatse said SIC traces its roots to the year 1955 when the Gold Coast Insurance Company was established primarily as a Life Assurance company.

He added that “upon attainment of Ghana’s Independence in 1957, the company was renamed Ghana Insurance Company. In 1960, a subsidiary company, the Ghana General Insurance Company was set up to underwrite fire and motor business.”

He stated that in February 1962 the then government acquired the Ghana Cooperative Insurance Company and reconstituted it, together with the Ghana Insurance Company and its subsidiary the Ghana General, into the State Insurance Corporation which subsequently marked the birth of the company.

Mr. Acolatse said “in October 2007 the name of the company was changed to SIC Insurance Company Limited, and in the same year, the company separated its general business from the life business, in accordance with the provision of the Insurance Act following which SIC Life Assurance Company was incorporated.”

He indicated that over the past 50 years, SIC Insurance has contributed significantly to national development in the wake of numerous challenges.

These contributions, he noted, “have been in the areas of parenting and/or providing support for the establishment of organizations and institutions such as SSNIT, Ghana Reinsurance, SIC Life among others and providing direct employment to over 15,000 persons (staff and agents) in addition to countless individual employment.”

He added that the company has also groomed and developed virtually all kinds of talents for the benefit of the insurance industry in the country.

The company, he noted, will continue to play its leading role in the insurance industry by keeping its record of prompt claim payment.

The Commissioner of Insurance, Nyamikeh Kyiamah, in her address, said SIC Insurance has been an industry leader and a steadfast partner to nation-building.

“As the largest non-life insurance company in Ghana, providing a diversified and comprehensive range of insurance products and services that are responsive to customers’ insurance needs, SIC Insurance has and continues to play a positive role in the conduct of insurance business and the growth of the Ghana Insurance Market,” the Commissioner emphasised.

She called on insurance companies in the country to work hard in order to take advantage of opportunities in the financial services sector to help build a better insurance industry by expanding and providing services to the satisfaction of policyholders.

Mrs. Nyamikeh noted that “SIC will not rest on its oars but build on its achievements in the past 50 years so as to continue to triumph.”

The theme for the 50th anniversary celebration is “50 years of excellence in nation building through insurance.”

The ceremony was also used to launch the 50th anniversary logo and the customer service promotion in which two loyal customers will receive the Camry car on display at the company’s head office.