Heat oil in large skillet over medium heat until hot. Add onions, bell pepper and ham; cook about 5 minutes or until onions are tender, stirring frequently. Stir in garlic; cook 30 to 60 seconds or until softened.
Add water; bring to a boil. Stir in rice. Boil 1 minute, stirring constantly. Top with chicken breast halves; sprinkle with paprika. Reduce heat to low; cover and cook 20 to 25 minutes or until rice is tender, all water is absorbed and chicken is fork-tender and juices run clear. Sprinkle with olives.