Felicity Acquah, Chairperson of SIC Insurance Company Limited
Chairperson of SIC Insurance Company Limited, Felicity Acquah has given assurance that the company would complete two of its major subsidiaries, the Bob Freeman Clinic and the Estate and Mortgages Department on time so they could be fully operational.
She indicated that the subsidiarisation of the Bob Freeman Clinic was on course and that hopefully the construction of the state-of-the-art hospital building would be completed by the end of 2014.
Similarly, she announced that the subsidiarisation of the Estates and Mortgages Departments would be completed by the end of the third quarter of 2014.
Mrs. Acquah announced this when she addressed shareholders of the company last Thursday during its 7th Annual General Meeting (AGM) held at the College of Physicians and Surgeons in Accra.
Issues considered included the company’s account for 2013, the authorisation of directors’ to fix the remuneration of auditors, the election of Directors and re-election of past directors and the approval of their remunerations.
She added that the Board was also reviewing other projects strategically initiated by the company to expand its brand to other markets in the West African sub-region such as Liberia and Sierra Leone.
She noted that the company’s desire to invest in Reinsurance company has also been rekindled and reviewed for possible implementation.
On her part, Managing Director of SIC Insurance, Doris Awo Nkani noted that the company hoped to build a strong, robust and profitable front this year, while deepening its gains by positioning business in the minds of the insuring public.
She said the introduction of the ‘No Premium, No Cover Policy’ by the regulator National Insurance Commission (NLC) would boost the cash and overall financial position of the company, saying it would trigger an “improvement in the structuring of our investment portfolio.
She said a total of GH¢20,787,537.00 was paid in claims to policyholders and claimants in 2013, describing it as measure by the company to contribute significantly to the continuation of business and economic activities in the country.
‘We insure a greater part of national assets and those of major economic players in manufacturing, energy, construction and individuals,’ she said.
‘We are, therefore, not relenting on our efforts to stay ahead of the competition as far as claims payments are concerned.”
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