SIC Life tops insurance companies

Ghana Web

SIC Life Company Limited has been rated tops in the insurance industry by the 2014 Third Quarter Insurance Industry.

“SIC Life leads with premium income of Ghc25,960,873 and a market share of 28 per cent, as against its closest rival’s 26 per cent market share,” the Commissioner of Insurance, Ms Lydia Lariba Bawa, announced.

Ms Bawa, who said this in a speech read on her behalf at SIC Life’s end-of-year durbar and get-together in Accra, congratulated the management and staff of the company on “this sterling achievement in remaining number one for all these years.”

The ceremony was also used to honour hard-working members of staff of the company.

Ms Bawa advised the staff to strive to perform better than ever, recalling that in 2013, the life insurance sector achieved a growth rate of 31 per cent, and expressed the belief that there was room for further expansion and growth in the life insurance sector.

“Your performance in 2013 is laudable in terms of policyholder protection, shareholder benefits and management efficiency,” Ms Bawa said.

She expressed the hope that SIC Life would support the various initiatives the insurance commission was introducing to ensure a sound and efficient insurance industry in the country.

Prominent in the initiatives, she said, was the Claims Payments Guidelines issued to enable the industry to regain public confidence in insurance transactions.

The Managing Director of SIC Life, Mr Aaron Issa Anafure, announced that in the short and medium term, the strategic priority of the company was to become a profitable non-bank finance institution that was able to deliver sustainable and quality returns to shareholders by offering low interest and innovative products and services.

Mr Anafure said the SIC Life TFL, which was a wholly-owned subsidiary company of SIC Life Company Limited, was licensed by the Bank of Ghana under the Banking Act, 2004 (Act 673) on July 27, 2010 to operate the business of a finance house.