31.08.2005 Business & Finance

SIC presents four billion cedis to government

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Accra, Aug. 31, GNA - The State Insurance Company (SIC) on Wednesday presented a cheque for 4 billion cedis to government as its dividend for 2004.

Professor Isaac Ofori, Board Chairman, said the company had continuously paid dividend to government because of the prudent policies put in place by management.

He said the company had been able to stand on its feet despite setbacks, especially major disasters that affected some of its clients necessitating the company to pay huge compensation. These included the fire disaster at the Tema Oil Refinery and the Azar Chemical Factory.

Prof Ofori said the sums involved in the claims could have led to the collapse of some insurance companies, saying that the disasters brought to the fore the need to have large reserves, which was essential in any insurance practice.

Mr Peter Osei Dua, Managing Director, SIC, said the company was bent on promoting good customer care to enhance client's satisfaction for the country's development. Mr Kwadjo Baah-Wiredu, Minister of Finance, said a new Insurance Law was being processed for Parliament and asked management to take advantage of the good climate to enhance its operations.

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