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

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

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 protect ...

company. They are listed on the

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

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 stock, equities (from 37 company, companies) and 2 corporate bonds. All typ ...

, 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 an American 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 Ze ...

). It was formed in February 1962.

Operations

Products

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

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 gene ...

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

Oil and gas

In 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) and lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturate ...

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

gas Gas is a state of matter that has neither a fixed volume nor a fixed shape and is a compressible fluid. A ''pure gas'' is made up of individual atoms (e.g. a noble gas like neon) or molecules of either a single type of atom ( elements such as ...

and other ancillary businesses in Ghana. Further to this, Ghana Insurers Association (GIA) as a way of building capacity and positioning itself to adequately handle all related insurance on oil and energy risks, and form a pool. All insurances relating to

exploration Exploration is the process of exploring, an activity which has some Expectation (epistemic), expectation of Discovery (observation), discovery. Organised exploration is largely a human activity, but exploratory activity is common to most organis ...

, drilling, 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 one of the leading providers of non-life insurance products in Ghana with an estimated market share of over 12 %. The company exceeds the minimum stated capital requirement of

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

1 million ( GH¢1.42 million) set by the National Insurance Commission of Ghana.

References

External links

SIC Insurance Company's 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