SIC Insurance PLC has officially launched “SIC BOAME,” a tailored insurance solution designed to provide financial security and risk management for informal sector workers, particularly artisans, woodworkers, and leatherworkers across Ghana.
The product launch took place in Kumasi today, bringing together key industry leaders, policy stakeholders, trade union representatives, and artisan association executives.
Developed under the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)-sponsored Micro, Small, and Medium Enterprises (MSME) Programme, the scheme is a joint initiative involving SIC Insurance PLC, the Woodworkers and Leatherworkers Associations, and People’s Pension Trust.
Speaking at the event, the Managing Director of SIC Insurance PLC, Agyenim Boateng, stated that SIC BOAME—a local term signifying “protection and support”—was engineered specifically to cushion small business operators and master craftsmen against routine operational hazards, severe property losses, and financial insecurity.
”We are not merely introducing another insurance product to the market,” the Managing Director said, adding, “We are unveiling a solution carefully designed around the realities, aspirations, and challenges of hardworking men and women who build livelihoods through their skills, craftsmanship, determination, and resilience.”
The package, Mr Boateng said, merges traditional risk indemnity with long-term wealth preservation, highlighting key coverage elements including protection for workshop property against fire, windstorm, and flood damage, coupled with 24-hour personal accident insurance and hospitalisation subsidies for emergency care.
Additionally, through the partnership with People’s Pension Trust, he stated that the scheme incorporates a micro-pension and investment mechanism aimed at building long-term financial security for informal workers.
Highlighting the economic contribution of artisans, the Managing Director noted that every workshop represents significant capital investment and family livelihoods requiring structured mitigation against unforeseen hazards.
Abdullah Bin Abubakar, National President of the Woodworkers Association of Ghana, praised the scheme’s accessibility and digital convenience.
”This policy is unique because you activate your registration, pay subscriptions, and file claims directly from your mobile phone 24/7,” Mr Abubakar noted, highlighting, “You do not need to physically travel to transact business.”
Mr Abubakar urged SIC Insurance to expand the initial suite of six products as enrollment grows, adding that national association executives are currently conducting regional sensitisation tours to encourage mass adoption.
Representing Asantehene Otumfuo Osei Tutu II, Baffour Kwame Kusi II, Otumfuo Ankobeahene, commended SIC Insurance for introducing a safety net to cushion small enterprises during operational crises.
He urged the insurer to step up educational campaigns and advised informal business owners to enroll promptly.
In remarks delivered on behalf of the Ashanti Regional Minister, Dr Frank Amoakohene, the Coordinating Director of the Kumasi Metropolitan Assembly (KMA), Francis Dwira Darko, reaffirmed regional Minister’s backing for the initiative.
He called on trade association heads to lead outreach efforts to ensure widespread participation across trade clusters.
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