Latest National Insurance Commission (NIC) financial report released recently, have shown that the insurance brokerage business earned a total of GH¢89.8m in 2017. A growth of about 66% from 61% in 2016.
Going by the report 10 out of the 78 companies has submitted their accounts and contributed about GH¢58m representing 67% of the total income earned in the year under review.
The contributions are KEK Insurance Brokers – GH¢19m representing 23%, Edward Mensah, Wood and Associates – GH¢9m representing 10% and Willis Towers – GH¢7m representing 8% of the total income earned by the brokers.
Report also stated that other insurance brokers in the top ten included Safety Insurance Brokers – GH¢4.5m, Horizon Insurance Brokers – GH¢3.7m, Crown Insurance Brokers – GH¢2.8m and Risk Management and Advisory Services – GH¢2.7m.
The rest are Shield – GH¢2.6m, Corporate Trust – GH¢2.2m and Tri-Star – GH¢2.1m. It will be recalled that insurance broking is a vital area in the insurance market. The operators are persons who have one time worked in the direct underwriting companies.