SIC to expand to Liberia, Sierra Leone

The State Insurance Company (SIC) says it will be extending its operations to other West African markets by next year.

The company will acquire some insurance companies as a strategy to expand.

Managing Director of the company, Ben Acolaste, said this is part of its long term plans to be a regional leader in the insurance.

Mr Acolaste said his team is determined to make SIC “a regional giant” and a “regional brand.”

The company intends to extend its services to Sierra Leone and Liberia, and will start feasibilities studies next year.

The company currently runs five insurance policies, namely the Customs Bond, and the Accident, Aviation, Engineering and General Bonds.

The move will make the company Ghana's first insurance company to travel beyond the country's shores.

In spite of the stiff competition and the influx of more insurance companies into the country, SIC has maintained its leadership role, generating a premium income of GH¢58,033 million.

Last year, the company recorded its highest profit margin since the establishment of the company.