Need an Insurance Company in Ghana? Here are a few info you need to know about Ghana’s largest insurance company
State Insurance Company Ghana (SIC), is the second-largest insurance company in Ghana in terms of patronage with a total turnover of about 10.21% in 2020 according to Atlas Magazine, a leading insurance news agency in the world.
Its lines of insurance include motor, accident, travel, marine, aviation, oil and gas. The mission of the company is to provide innovative and competitive insurance and allied services to clients through a highly skilled and motivated workforce with a commitment to deliver value to all stakeholders.
The state-owned company has won many awards for distinguished service to its patrons and has carried out many Corporate Social Responsibilities CSR) since its establishment in the year 1955 when the Gold Coast Insurance Company was established. It was renamed Ghana Insurance Company in 1957 when Ghana attained independence.
In 1995, State Insurance Corporation was converted into a public limited liability company as part of the Government of Ghana’s divestiture programme. The company became known as State Insurance Company of Ghana Limited with the Government of Ghana as the sole shareholder.
However, SIC later became a listed public limited liability company with over 14,000 shareholders. The Government of Ghana is still the largest single shareholder with 40% shareholding.
The Company’s stated capital is about US$18 million (the NIC’s requirement is US$1 million). Net assets of the Company have grown to US$55.50 million at the end of June 2010.
The company has an 11-member board of directors with Dr Jimmy Heyman as the chair and Stephen Oduro as the managing director including nine others who are non-executive directors of the company.
It has over 31 branches across the country with every Region having at least an office or two in an attempt to maintain dominance in the Insurance Industry. The company has over 10 competitive policies including travel and general accident insurances.
