Insurance broking firms on the rise

April 23, 2017
Source: Norvan Acquah - Hayford/thebftonline.com/Ghana
Insurance broking firms on the rise

More insurance broking firms have entered in Ghana’s insurance industry’s landscape in 2016.

The number has increased from about 65 to 85 in 2017. Last year about 10 broking companies were given operational license to start business in the country.

These companies include Anchor Premier Brokerage Ltd located at the Procurement agency building in Kokomlemle, Byllwych Insurance Brokers Ltd, Ideal Insurance Brokers and Insurance Management Service Ltd.

The rest are Risk Management Ltd, K&A Insurance Brokers Ltd, Pacific Insurance Brokers Ltd, Risk Partners Ltd, Strategic Insurance Consult, Supreme Trust Insurance Brokers and Worldwide Insurance Brokers Ltd.

However, thebftonline.com learnt that out of these numbers, only four companies are officially registered with the Ghana Insurance Brokers Association (GIBA). These Companies are Anchor Premier Brokerage Ltd, Byllwych Insurance Brokers, Ideal Insurance Brokers and Risk Partners Ltd.

B&FT was also told that after the operational licenses have been approved and issued by the regulatory authority, NIC, new companies are always advised by the approving authority through a letter to join the trade association, but on several occasions, these companies do not heed to the advice.

Indeed, by the close of last week, only about 67 companies are officially registered with GIBA, which is the umbrella body of all broking firms in the country. So far, the official list in the possession of thebftonline.com shows that, only Akoto Risk Management Ltd, Allied Insurance Brokers Ltd, All Risk Consultancy Ltd, All Star Insurance Brokers Ltd, Alpha Insurance Brokers Ltd, Anchor Premier Brokerage Ltd, Apex Insurance Brokers Ltd, ARB Insurance Brokers Ltd, ARK Insurance Brokers Ltd, Arrow Class Insurance Brokers Ltd.

Others are, Ascoma Ghana Ltd, Asterix Brokers Ltd, Baobab Brokers Ltd, Boaitey & Associates Ltd, Byllwych Insurance Brokers Ltd, Cardinal Insurance Brokers Ltd, Ceris International Ltd, Claim limited, Corporate Trust Insurance Brokers Ltd, Crown Insurance Brokers Ltd, Danniads Limited, Dezag Insurance Brokers Ltd, Double D&M Brokers Ltd, Dynamic Insurance Brokers Ltd, Edward Mensah Wood and Associates Ltd, Felin Insurance Brokers Ltd, First Anchor Risk Mgt Ltd, Functions Risk Management Ltd, GBL Insurance Brokers Ltd, Ghana International Insurance Brokers Ltd, Global Impact Insurance Brokers Ltd.

The rest include, Horizon Insurance Brokers Ltd, I Am Loss Adjusters & Surveyors Gh. Ltd, Ideal Insurance Brokers Ltd, Insurance Center of Excellence Ltd, Insurance Consultancies International Ltd, Insurance Solutions Ltd, Inter-Africa Brokers Ltd, Kav Insurance Brokers Ltd, KEK Insurance Brokers Ltd, Liberty Insurance Brokers Ltd, Lordship Insurance Brokers Ltd, Marine & General Brokers Ltd, Maxpal Insurance brokers Ltd, Metrix Insurance Brokers Ltd, Midas Insurance Brokers Ltd, Multinational Insurance Brokers Ltd, Novelty Insurance Brokers ltd, NDL Insurance Consult Ltd, Premier Brokers & Consult Ltd, Progressive Insurance Services Ltd, Prudent Insurance brokers Ltd, Riscovery Limited, Risk Management % Advisory Services Ltd, Risk Partners Ltd, Safeguard Insurance Brokers Ltd, Safety insurance Brokers Ltd, Saviour Insurance Brokers Ltd.

 Shield Insurance & Risk Management Co. Ltd, Trans-National Insurance Brokers Ltd, Trinity Insurance Brokers Ltd, Tri-Star Insurance Services Ltd, Ungroup Limited, Universal Insurance Consultants Ltd, Visal Insurance Brokers Ltd, Wills Towers Watson