SIC Insurance Plc paid over $1m assets all risk insurance policy claim to VRA

17 March, 2025

SIC Insurance PLC paid an insurance policy claim of $1,020,778.98 as compenstion for having insurance cover to the Volta River Authority (VRA) on Wednesday in Accra.

The claim was made under the VRA’s Asset All Risk Policy, following the explosion of the feed water pipeline to the boiler of VRA’s Heat Recovery Steam Generator at Aboadze, Takoradi, in the Western Region.

Presenting the cheque to the CEO of VRA, Ing. Edward Ekow Obeng-Kenso, the Acting Managing Director of SIC Insurance PLC, Mr. James Agyenim-Boateng, highlighted that the payment demonstrates the company’s commitment to fulfilling its obligations and prioritising customer satisfaction.

"SIC is reliable. We value our relationships with our customers, serving with integrity, excellence, and professionalism. What we are doing here with the VRA is a testament to that," he said.

Mr. Agyenim-Boateng also pointed out that this is not the first time SIC Insurance PLC has honoured such a claim for the VRA.

“In 2021, SIC Insurance PLC paid $4.3 million to the VRA in an insurance claim for one of its generators. Today, we are paying more than $1 million in insurance claims to VRA following the explosion of the Authority’s Heat Recovery Steam Generator,” he stated.

He added, "This should send a strong signal to the business community that SIC Insurance PLC has the financial strength to pay claims promptly."

"We value our relationships with our customers, and we want to make it clear to the market that SIC can underwrite the policies we provide. When difficult times come, we won’t turn our backs on them—we will honour and fulfil our obligations," Mr. Agyenim-Boateng assured.

He further remarked, "SIC is ready for business. Come and do business with us, and when tough times come, we will be there to support you. We are the only insurance company that will chase you for your cheque, as we have done with the VRA."

The Chief Executive Officer (CEO) of VRA, Ing. Obeng-Kenso, expressed appreciation for SIC Insurance PLC’s prompt payment and called for closer collaboration between the two institutions.

"As two state agencies, we must work together to ensure that we operate efficiently and effectively. We should cooperate to demonstrate that state agencies can do business just as well as private companies," he said.

Tags: Asset All Risk Claims VRA insurance claims SIC Plc

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