SIC Insurance PLC has once again demonstrated its commitment to prompt claims settlement by paying over $1 million to the Volta River Authority (VRA) for damages sustained under its Asset All Risk Policy.
The claim, totaling $1,020,078.98, covers losses from an explosion in the feed water pipeline connected to VRA’s Heat Recovery Steam Generator at Aboadze in the Western Region.
At a formal cheque presentation in Accra, SIC’s Acting Managing Director, Mr. James Agyenim-Boateng, assured stakeholders of the company’s financial strength and dedication to customer satisfaction.
“This payout reinforces our reputation as a reliable insurance provider. Our priority is to support our clients and uphold our promise to settle claims swiftly and efficiently,” he stated.
He highlighted SIC’s longstanding partnership with VRA, recalling a $4.3 million claim settlement in 2021 for a damaged generator.
“Today’s payment reaffirms SIC’s capacity to handle substantial claims. Businesses can trust that we have the financial backing to honor our commitments without delay,” he added.
VRA’s Chief Executive Officer, Ing. Edward Ekow Obeng-Kenzo, expressed appreciation for SIC’s responsiveness and emphasized the need for stronger collaboration between public institutions.
“As two state-owned entities, our efficiency in working together sets an example that public institutions can operate with the same professionalism as private enterprises,” he noted.
The settlement not only underscores SIC Insurance PLC’s strong financial standing but also enhances confidence in the company’s ability to deliver on its obligations, reinforcing its leadership in Ghana’s insurance industry.
