SIC Insurance holds AGM
The SIC Insurance Company Limited has held its annual general meeting to review its activities for the past year and strategise for the future.
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Addressing the meeting, the Chairperson of the company, Mrs Felicity Acquah, said the company would complete two of its major subsidiaries, the Bob Freeman Clinic and the Estate and Mortgages Department, soon to beef up its operations.
She indicated that the decision to build the Bob Freeman Clinic as a subsidiary had not been abandoned and that the project would be completed by the end of 2014.
Again, she said, the process of making the Estates and Mortgages Department a subsidiary would be finalised by the end of September, this year.
Other issues discussed 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 a Reinsurance Company had also been rekindled and reviewed for implementation.
The Managing Director, Mrs Doris Awo Nkani, said the company was on course to build a strong, robust and profitable front.
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She mentioned that as a strategy, SIC Insurance would this year consider areas such as excellent customer service, prudent underwriting, expedited claims handling processes, innovation and human resource development.
She lauded the introduction of the 'No Premium, No Cover Policy' by the insurance regulator, the National Insurance Commission (NLC), noting that the policy had offered an opportunity for the company to boost its cash and overall financial position.
"Due to the scale of investment in our company's balance sheet and the impact of investment results on its profitability, the management of these investments is a key function that can create significant value for the company's policyholders in terms of prompt claims payment, and shareholders in terms of dividends flowing from the profits of the company," she said.
She said a total of GH¢20,787,537.00 was paid in claims to policyholders and claimants in 2013, describing it as a 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, adding: "We are, therefore, not relenting in our efforts to stay ahead of the competition as far as claims payments are concerned."