SIC Insurance PLC has paid a non-motor insurance claim of $1,020,778.98 to the Volta River Authority (VRA).

The payment was made in Accra under VRA’s Asset All Risk Policy in response to an explosion involving the feed water pipeline to the boiler of VRA’s Heat Recovery Stream Generator at Aboadze, Takoradi, in the Western Region.

During the cheque presentation to the Chief Executive Officer (CEO) of VRA, Ing. Edward Ekow Obeng-Kenzo, the Acting Managing Director of SIC Insurance PLC, Mr. James Agyenim Boateng, reaffirmed the company’s commitment to customer satisfaction and fulfilling its insurance obligations.

Speaking at the ceremony, Mr. Agyenim Boateng emphasized that the claim settlement reflected SIC Insurance PLC’s dedication to reliability, integrity, and excellence.

“SIC is reliable, we cherish our relationship with our customers, we serve with integrity, excellence, and professionalism, and what we are doing here at VRA is a testament to that.”
Mr. Agyenim Boateng

He further noted that this was not the first time SIC Insurance PLC had fulfilled a significant insurance claim for the VRA.

“In 2021, SIC Insurance PLC paid $4.3 million to VRA in insurance claims for one of its generators that was insured with us. Today, we are paying more than $1 million in insurance claims to VRA following the explosion of the Authority’s Heat Recovery Steam Generator.”
Mr. Agyenim Boateng

Strong Financial Muscle

The Acting Managing Director emphasized that this payment reinforced SIC Insurance PLC’s financial strength and ability to honor claims promptly. “This should send a strong signal to the business community that SIC Insurance PLC has a strong financial muscle to pay claims and on time,” he stated.

He assured the business community of SIC’s unwavering support in times of need.

“We value our relationship with our customers, and we want to send a strong signal to the market that SIC has the capacity to underwrite the policies we do. When bad times come, we won’t turn our backs on them; we will honor and carry through our obligations.”
Mr. Agyenim Boateng

Mr. Agyenim Boateng also encouraged businesses to place their trust in SIC Insurance PLC, reiterating the company’s commitment to client welfare. “SIC is ready for business; come and do business with us, and when bad times come, we will come to your aid. We are the only insurance company that will chase you for your cheque as we have done with the VRA,” he added.

VRA’s Endorsement of SIC Insurance PLC

In response, the CEO of VRA, Ing. Obeng-Kenzo, commended SIC Insurance PLC for the timely payment and called for stronger collaboration between the two state agencies. “We are two state agencies, and whatever it takes for us to make sure that the state agencies work efficiently and effectively, we should do together and also cooperate with each other to project that, at least, the state agencies can do the business just as the private people can do it,” he said.

His remarks underscored the importance of public sector institutions working together to enhance operational efficiency and financial sustainability. The partnership between SIC Insurance PLC and VRA is a testament to the capability of state-owned enterprises to function effectively and compete favorably with private sector firms.

SIC Insurance PLC’s payment to VRA sends a strong message to businesses and individuals about the importance of securing comprehensive insurance policies with a trusted insurer. By honoring such a significant claim, SIC Insurance PLC continues to build confidence among its clients and prospective customers. The payment further solidifies SIC Insurance PLC’s position as a leading player in the Ghanaian insurance industry, capable of handling substantial claims without delay.

For businesses, this development highlights the crucial role of insurance in mitigating financial risks associated with unforeseen incidents. The proactive stance taken by SIC Insurance PLC in processing and paying the claim demonstrates the efficiency and professionalism that should characterize the insurance sector.