SIC Insurance PLC has settled a non-motor insurance claim of $1,020,0778.98 to the Volta River Authority (VRA) under its Asset All Risk Policy.

The payment covers damages resulting from an explosion of the feed water pipeline to the boiler of VRA’s Heat Recovery Steam Generator at Aboadze in the Western Region.

At a presentation ceremony in Accra, the Acting Managing Director of SIC Insurance PLC, Mr. James Agyenim-Boateng, handed over the cheque to VRA’s CEO, Ing. Edward Ekow Obeng-Kenzo.

Speaking at the event, Mr. Agyenim-Boateng reaffirmed SIC’s commitment to honouring its obligations and prioritizing customer satisfaction.

"SIC is reliable. We cherish our relationship with our customers and serve with integrity, excellence, and professionalism.

This payment to VRA is a testament to that," he said.

He highlighted that this was not the first major claim paid to VRA, recalling that in 2021, SIC Insurance PLC paid $4.3 million in claims for one of VRA’s insured generators.

"Today, we are paying over $1 million following the explosion of the Heat Recovery Steam Generator.

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

Mr. Agyenim-Boateng assured customers that SIC remains committed to fulfilling its obligations and urged businesses to partner with them.

"SIC is ready for business. We value our customers and can underwrite policies and honour claims when needed.

We are the only insurance company that will chase you to deliver your cheque, as we have done for VRA today," he remarked.

In response, VRA’s CEO, Ing. Obeng-Kenzo, commended SIC Insurance PLC for its timely payment and called for closer collaboration between state institutions.

"As two state agencies, we must work together efficiently and effectively to demonstrate that public institutions can operate just as successfully as private entities," he said.

The settlement reinforces SIC Insurance PLC’s strong financial standing and reliability in the insurance sector, further strengthening confidence in the company’s ability to deliver on its commitments.