SIC Insurance PLC pays over $1million to VRA in non-motor insurance claim

SIC Insurance PLC on Wednesday paid a non-motor insurance claim of $ 1,020,77.98 to the Volta River Authority (VRA) in Accra.

The claim was paid under the VRA's Asset All Risk Policy in respect to the explosion of the feed water pipeline to the boiler of VRA’s Heat Recovery Stream Generator at Aboadze, Takoradi, in the Western Region.

Presenting a cheque to the CEO of VRA, Ing. Edward Ekow Obeng-Kenso, the Acting Managing Director of SIC Insurance PLC, Mr James Agyenim-Boateng, said the payment of the claim is a testament that SIC Insurance PLC is always committed to its obligations and prioritises customer satisfaction.

"SIC is reliable, we cherish our relationship with our customers, we serve with integrity, excellence and professionalism and what we are doing here at VRA is a testament to that," he said.

Mr Agyenim-Boateng said this is not the first time that SIC Insurance PLC is honouring such an obligation to the VRA.

“In 2021, SIC Insurance PLC paid $4.3 million to VRA in insurance claim for one of its generators that was insured with us. Today, we are paying more than $1 million in insurance claim to VRA following the explosion of the Authority’s Heat Recovery Steam Generator,” the Acting Managing Director of SIC Insurance PLC said.

“This should send a strong signal to the business community that SIC Insurance PLC has a strong financial muscle to pay claims and on time,” Mr Agyenim-Boateng added.

"We value our relationship with our customers and we want to send a strong signal to the market that SIC has the capacity to underwrite the policies we do and when bad time comes we won't turn our back on them, we will honour and carry through our obligations," he assured.

Mr Agyenim-Boateng added "SIC is ready for business, come and do business with us and when bad times come we will come to your aid. We are the only insurance company that will chase you for your cheque as we have done with the VRA."

The Chief Executive Officer (CEO) of VRA Ing. Obeng-Kenzo commended SIC Insurance PLC for the payment and called for closer collaboration between the two institutions.

"We are two state agencies and whatever it takes for us to make sure that the state agencies work efficiently and effectively, we should do together and also cooperate with each other to project that, at leas, the state agencies can do the business just as the private people can do it," he said.

SIC Insurance PLC on Wednesday paid a non motor insurance claim of $ 1,020,77.98 to the Volta River Authority (VRA).