SIC’s premium in 2014 grows by 17.85%
SIC Insurance Company Limited increased its premium income to GHS115.7million in 2014 against GHS 98.2million in the year before, representing a 17.85% growth.
Net earned premium income after reinsurances grew by 12% to GHS73.5 million from 65.6million in the year 2013.
Chairman of the Board of Directors of SIC Insurance, Mike Allen Hammah disclosed this at the company’s 8th Annual General Meeting (AGM) held in Accra last week.
He attributed the growth performance to the introduction of the “No Premium, No Cover” policy by the National Insurance Commission in April 2014 last year as well as the dedication and commitment of the Board, Management and Staff of the insurer.
Mr Hammah noted that the Board and Management owes an obligation to customers and shareholders to provide innovative, customer tailored and competitive top of the range insurance products and service as well as manage risk which remains the company’s core mandate.
This he believes will ensure adequate returns on shareholders’ investment.
Mr. Mike Hammah said the prospect for the company in 2015 are bright.
He said the Board will work hard to ensure a much better performance this year, and in the ensuing years.
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