SIC Insurance Company has a strong presence in Ghana, with a network of branches across the country.
The company has a significant market share in the Ghanaian insurance industry, with a wide range of products catering to individual and corporate clients.
SIC Insurance Company has a long history of innovation, dating back to its founding in 1962.
The company's commitment to excellence has earned it numerous awards and recognition within the industry.
Company Overview
SIC Insurance Company is a well-established player in the insurance industry, having been founded in 1926.
The company has a long history of providing insurance solutions to individuals and businesses across the Middle East and North Africa region.
SIC Insurance Company is headquartered in Beirut, Lebanon, and has a strong presence in several countries in the region.
Its expertise spans a wide range of insurance products, including motor, health, and property insurance.
SIC Insurance Company has a strong financial foundation, with assets exceeding $1.5 billion.
The company's commitment to innovation and technology has enabled it to stay ahead of the competition and provide its customers with seamless and efficient services.
SIC Insurance Company has a team of experienced professionals who are dedicated to delivering exceptional customer service and support.
Ghana Operations
SIC Insurance is a leading provider in Ghana, with a market share of over 25% in non-life insurance products. This impressive market presence allows the company to cater to a significant portion of the Ghanaian market.
The company's financial stability is also a notable aspect, as it exceeds the minimum stated capital requirement of US$1 million (GH¢1.42 million) set by the National Insurance Commission of Ghana.
SIC Insurance has a strong presence in Ghana, with sales figures consistently increasing over the years.
Market Share
SIC Insurance is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25%. The company's strong market position is a testament to its commitment to delivering high-quality insurance services to its customers.
SIC Insurance exceeds the minimum stated capital requirement of US$1 million (GH¢1.42 million) set by the National Insurance Commission of Ghana. This demonstrates the company's financial stability and ability to meet its obligations.
Here are some key categories that SIC Insurance falls under:
- 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
Geographical Sales Breakdown
Ghana Operations are doing well, and it's interesting to see the geographical sales breakdown. SIC Insurance PLC's sales in Ghana have been steadily increasing over the years, with 145M in 2019.
The company's sales in Ghana reached 170M in 2020, a notable increase from the previous year. This growth trend continued in 2021, with sales reaching 193M.
However, in 2022, sales dipped slightly to 185M. But what's really impressive is the sales jump in 2023, reaching an astonishing 421M. This significant growth is a testament to the company's efforts to expand its presence in Ghana.
Ghana Limited
Ghana Limited is a company with a rich history, dating back to 1955 when the Gold Coast Insurance Company was established.
SIC Insurance Company Limited, one of the oldest non-life insurance companies in Ghana, operates in the country.
The company changed its name to Ghana Insurance Company in 1957, following Ghana's independence.
SIC Insurance Company Limited provides a range of insurance products, including fire, motor, marine, and aviation insurance.
Nyemitei House, located at 28/29 Ring Road East, Osu, serves as the company's headquarters.
The company was listed on the Ghana Stock Exchange in 2008, marking a significant milestone in its history.
Leadership
SIC Insurance Company has a strong leadership team that has been instrumental in the company's success.
The company's leadership has a deep understanding of the insurance industry and has implemented various strategies to stay ahead of the competition.
SIC Insurance Company's CEO has over 20 years of experience in the insurance industry, having joined the company in 2001.
Under the CEO's leadership, the company has expanded its operations to several countries in Africa.
The company's leadership team is composed of experienced professionals who have a strong track record of delivering results.
SIC Insurance Company's leadership has been recognized for its excellence, winning several awards in the insurance industry.
Frequently Asked Questions
What is the full meaning of SIC insurance?
SIC Insurance stands for State Insurance Corporation, a Ghanaian insurance company. It's a name that reflects the company's origins and commitment to serving the people of Ghana.
Who is the owner of SIC?
SIC is primarily owned by the Government of Ghana, with a significant minority stake held by SIC Insurance Company Limited. The government holds an 80% stake in SIC.
Sources
- https://en.wikipedia.org/wiki/SIC_Insurance_Company
- https://www.annualreportsghana.com/gse/sic-insurance-company/
- https://www.emis.com/php/company-profile/GH/Sic_Insurance_Company_Limited_en_2386740.html
- https://www.marketscreener.com/quote/stock/SIC-INSURANCE-PLC-11177633/company/
- https://www.wikiwand.com/en/articles/SIC_Insurance_Company
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