SIC Insurance

What SIC Insurance does

SIC Insurance PLC is Ghana's largest and oldest indigenous non-life insurance company, tracing its operating roots to 1955 (Gold Coast Insurance Company) and formally constituted in 1962 as State Insurance Corporation. The company underwrites a comprehensive general insurance portfolio including motor, fire and allied perils, travel, general accident, workmen's compensation, engineering and construction, marine, aviation, general bonds, and specialty products such as the Campus Secure educational offering. It is headquartered at Nyemitei House in Accra and operates a distribution network of over 46 branch offices covering all 10 regions of Ghana, complemented by ASICA-affiliated independent agents, insurance brokerage firms, and digital self-service channels (WhatsApp, Telegram chatbot AwuraSICBot, and the sicsmartserve.com portal).

SIC Insurance PLC is listed on the Ghana Stock Exchange under ticker SIC, with the Government of Ghana as the largest shareholder at 40% ownership and over 14,000 total shareholders. It holds the highest independent claims-paying rating in Ghana (AA from Global Credit Rating) and a leading ~23% share of Ghana's general insurance market. The company reinsures risk through a panel of global providers including Munich Re, Hannover Re, African Reinsurance Corporation, and AON. In 2025 the company reported a profit of GH₵69.5 million, paid GHS 107.6 million in claims, and recorded a 344% year-to-date share price appreciation, ranking second on the Ghana Stock Exchange.

The business model is a subscription-recurring premium structure underwritten across consumer and commercial lines: individual consumers (motor, personal property, travel) and businesses/organizations (commercial fire, liability, marine cargo, aviation, construction bonds). Pricing is quote-based and risk-adjusted; products are distributed through the branch network, independent agents, broker firms, and digital channels. SIC also operates three wholly-owned non-insurance subsidiaries — SIC Health Services (Bob Freeman Hospital), SIC Financial Services, and SIC Properties — alongside the spun-off SIC Life Limited, signaling diversification into adjacent adjacencies.

Name

SIC Insurance

Legal name

SIC Insurance PLC

Website

https://sic-gh.com

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

251–500 employees

Short description

SIC Insurance PLC is Ghana's largest indigenous non-life insurer, offering motor, fire, travel, marine, aviation, and engineering insurance to individuals and businesses across all 10 regions via 46+ branches, independent agents, brokers, and digital channels.

Ownership category

akta.pro rank

Product category

General Insurance (Non-Life Insurance)

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Large Commercial Package (National Accounts) (FSAJAFAC)

Keywords

• General insurance services
• Motor insurance coverage
• Fire allied perils
• Marine cargo insurance
• Travel insurance plans

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Non-Life Insurance Premiums: SIC Insurance generates revenue primarily through underwriting non-life insurance policies including motor, fire, marine, aviation, accident, travel, engineering, workmen's compensation, and specialty insurance products such as hoteliers and leisure policies. Premiums are collected upfront or on installment basis depending on policy terms.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

SIC Insurance PLC underwrites and distributes a comprehensive suite of non-life (general) insurance products — motor, fire & allied perils, general accident, travel, workmen's compensation, engineering & construction, marine, aviation, general bonds, and specialty coverages such as campus secure — to both businesses and individual consumers across Ghana. Policies are sold through a nationwide network of over 46 branch offices, ASICA-affiliated independent agents, insurance brokerage firms, and digital self-service platforms (sicsmartserve.com, WhatsApp, and the Telegram AwuraSICBot). The company is the largest indigenous general insurer in Ghana, holding approximately 23% of the national insurance market and maintaining an AA claims-paying ability rating from Global Credit Rating.

Product overview

SIC Insurance PLC is Ghana's largest indigenous non-life insurance company offering a comprehensive portfolio of insurance products distributed through a network of branch offices, insurance agents, and brokers across all ten regions of Ghana. The core product lineup includes Motor Insurance, Fire & Allied Perils, Travel Insurance, General Accident, Workmen's Compensation, Engineering & Construction, Marine Insurance, Aviation Insurance, General Bonds, and Campus Secure. The company also operates digital service channels including the SIC SmartServe online platform for policy purchases and claims management, along with WhatsApp and Telegram customer service bots. Specialty products include hoteliers and leisure policies for the hospitality industry.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Covers legitimate liabilities that may arise from the use of a vehicle, protecting vehicle owners against third-party claims and own-vehicle damage. Targeted at individual vehicle owners and commercial fleet operators in Ghana.
• Fire & Allied Perils Insurance Provides financial protection against fire outbreaks and related perils that may destroy property, buildings, household goods, and business assets. Targeted at both individual homeowners and commercial property owners.
• Travel Insurance Offers protection for travelers when leaving Ghana, covering emergencies and incidents during international travel. Targeted at Ghanaian outbound travelers and (from January 1, 2026) inbound foreign nationals entering Ghana.
• General Accident Insurance Covers unforeseen, accidental, and sudden loss or damage to property and injury or death to persons, including personal, property, pecuniary, and liability insurance classes. Targeted at individuals and businesses seeking broad accidental-loss protection.
• Workmen's Compensation Insurance Protects employers against liabilities arising from employee injuries or occupational diseases sustained during employment. Targeted at Ghanaian employers and organizations.
• Engineering & Construction Insurance Covers construction projects, engineering risks, and the contractual obligations of contractors during project execution. Targeted at contractors, developers, and project owners in Ghana's construction and infrastructure sector.
• Marine Insurance Covers cargo during transit by ship or aircraft, hull insurance for ships and fishing vessels, and liability coverage for ports, harbour operators, and vessel owners. Targeted at importers, exporters, shipowners, port operators, and the fishing industry.
• Aviation Insurance Covers risks associated with the manufacture, ownership, operation, and maintenance of aircraft. Targeted at airlines, aircraft owners/operators, MROs, and aviation manufacturers active in Ghana.
• General Bonds Surety bonds given to employers to guarantee performance of specific contractual obligations, including construction/project bonds and customs bonds. Targeted at contractors, importers, and organizations required to post performance or customs guarantees.
• Campus Secure Insurance Insurance product designed for educational institutions, providing coverage for campus-related risks and liabilities. Targeted at universities, colleges, and schools in Ghana.

Quantifiable outcome

• GHS 107.6 million in claims paid in 2025
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• Stephen AppiahminorGTM or Marketing Partner · 10 March 2026Former Ghana national team captain (Black Stars) appointed as brand ambassador to promote insurance awareness, strengthen public engagement, and enhance market presence through influence, leadership, and discipline.
• AON Group Ltd.coreTechnology or IntegrationInternational reinsurance broker based in the UK providing reinsurance protection and risk management services to enhance SIC's capacity to underwrite diverse risks.
• African Reinsurance Corp.coreTechnology or IntegrationAfrican-based reinsurance company providing treaty and facultative reinsurance support to SIC Insurance for risk diversification and capacity enhancement.
• Munich Reinsurance Co.coreTechnology or IntegrationGlobal reinsurance leader providing financial security and reinsurance capacity for SIC's underwriting operations in South Africa.
• Hannover Reinsurance Co.coreTechnology or IntegrationMajor international reinsurance provider based in South Africa offering risk transfer solutions to support SIC's insurance operations.
• Enraf Nonius ProjectsminorImplementation/ SI/ Consulting PartnerNetherlands-based consultancy firm engaged as project consultants for the ultramodern Bob Freeman Hospital, providing international standards of design, construction, project management, and equipment installation.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Enterprise Insurance Company: Ghanaian general insurance company offering motor, fire, marine and other non-life products through a multi-channel distribution model. Closest direct peer to SIC in terms of product breadth, customer segments, and Ghana-only geographic footprint.
• Star Assurance Company: Ghanaian non-life insurer offering motor, fire, marine, accident and engineering insurance through branches and agents. Directly competes with SIC across all major P&C lines in the same domestic market.
• Hollard Insurance Ghana: Subsidiary of South Africa's Hollard Group, offering general insurance products in Ghana. Directly competes with SIC for personal and commercial P&C customers with international backing and similar multi-channel distribution.
• Vanguard Assurance Company: Ghanaian non-life insurer offering motor, fire, marine, accident and engineering coverage. Direct competitor to SIC in the Ghanaian general insurance market with similar product portfolio and branch-based distribution.

Broad incumbents

• Old Mutual Ghana: Subsidiary of Old Mutual plc offering life, savings, and investment products alongside general insurance. Larger, diversified financial services player overlapping with SIC's general insurance book in Ghana.
• Sanlam Pan Africa: Pan-African financial services group offering insurance and investment products across multiple African markets including Ghana. Broader incumbent with overlapping general insurance capabilities and significantly greater geographic reach.

Regional players

• Jubilee Insurance: East African-rooted insurer with growing West African presence including operations in Ghana via Jubilee Insurance Ghana. Comparable general insurance product mix; competes primarily in different geographies but increasingly in overlapping markets.
• Leadway Assurance: One of Nigeria's largest general insurers offering motor, fire, marine, oil & gas, and engineering insurance. Comparable product mix and multi-channel distribution; primarily serves Nigeria but is a relevant West African benchmark for scale and product breadth.
• AXA Mansard Insurance: Nigerian general insurer affiliated with global AXA Group, offering motor, fire, marine, and travel insurance. Comparable multi-line P&C product set and a useful West African peer for benchmarking claims operations and digital distribution.

Emerging players

• SUNU Assurances: Pan-African insurance group with growing presence across West and Central Africa, offering general and life insurance. Comparable in multi-line non-life focus and regional expansion ambitions; smaller in scale but expanding into SIC's footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubet.me/AwuraSICBot
• Xx.com/PlcSic
• Facebookfacebook.com/sicinsurancecompany
• LinkedInlinkedin.com/company/sic-insurance-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SIC Insurance