Ghana’s Biggest Insurer Delays Opening Units in West Africa as Result of Ebola

By Moses Mozart Dzawu | November 10, 2014
SIC Insurance Co., Ghana’s biggest insurer, has put on hold plans to open units in Sierra Leone and Liberia as the nations battle to contain the world’s worst outbreak of Ebola.

The company, which was studying the financial viability of the plans, looked to open general insurance businesses in the West African countries, Managing Director Doris Awo Nkani said by phone today. The units would have offered motor, accident, marine, aviation and fire insurance among other products, she said.

“Because of the Ebola situation, the board this year decided to put the plans on hold,” Nkani said. “I don’t think the plans will be revived anytime soon.”

Sierra Leone and Liberia join neighboring Guinea as the countries hardest hit by the Ebola outbreak in West Africa. About 5,000 people have died since December in the region, curbing economic growth. SIC’s shares fell 2.4 percent to 40 pesewas in Accra today, paring the 2014 advance to 2.6 percent.

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