SIC Insurance Company is a Ghanaian listed on the stock idex of the Ghana Stock Exchange. It was formerly known as the State Insurance Corporation.
It is one of the oldest non-life insurance companies in Ghana at the moment. SIC traces its roots to the year 1955, when the Gold Coast Insurance Company began its operation.
The insurance company was renamed Ghana Insurance Company in 1957 after Ghana gained independence.
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In 1960, the Ghana Insurance Company which was primarily established as a life insurance company set up a subsidiary company.
The subsidiary company was known as the Ghana General Insurance Company simply put Ghana General. Their main aim was to underwrite fire and motor businesses
In 1962, the Government of Ghana per an Executive Instrument, took over the Ghana Cooperative Insurance Company and reconstituted it into the State Insurance Corporation to await the completion of take over negotiations with Ghana Insurance Company and Ghana.
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After the successful takeover of the two insurance companies, the new company, State Insurance Corporation began its operation in 1962.
In the year 1995, State Insurance Corporation was changed into a public limited liability company in alignment with the Government’s divestiture programme.
The company was renamed as the State Insurance Company of Ghana Limited with the Government as a shareholder.
The State Insurance Company of Ghana Limited took over all business assets and liabilities of the State Insurance Corporation of Ghana.
By a special resolution passed on 22nd October 2007, the name of the company was changed to SIC Insurance Company Limited.
SIC is a leading provider of general and non-life insurance products in Ghana.
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SIC Insurance writes almost all classes of insurance including insurance which cover fire, marine, motor, aviation, general accident and policies for the hospitality industry.
In relation to the oil found along the western coast of Ghana, SIC positioned itself to underwrite oil, gas and other ancillary business in Ghana.
All insurances relating to the exploration, drilling through to the production of oil and gas are placed in the pool with the core responsibility of the entire portfolio managed by the manager of SIC Insurance Company.
SIC Insurance Company is headquartered at the Osu. It is located in the SIC Head Offìce building, Nyemitei House close to the 28/29 Ring Road.
Aside Osu, the company has branches in Dansoman and Madina.