The older insurance brokerage firms are still ahead in the intermediary business as the number of operators in that sector increase year on year.
Insurance brokers hold themselves out to the public as experts in insurance. They are specialists and offer advice in arranging insurance in the most favourable manner on behalf of clients.
Going by recent financials released by the regulator National Insurance Commission (NIC), it has been revealed that only 79 broking firms carried out insurance broking business in the year under review to earn brokerage income of about GH¢112,517,741 – as compared to GH¢134,190,420 the previous year.
The trend also showed that out of this number, 10 broking companies contributed about GH¢76.6m to the total income, representing 68.1%. The 10 companies are: KEK Insurance Brokers Limited, Willis Towers Watson Limited, Edward Mensah Wood & Associates, Horizon Insurance Brokers, Ascoma Brokers, IRISK Management Limited, and Risk Management and Advisory Services.
The rest are: Safety Insurance Brokers, Midas Insurance Brokers and Tristar Insurance Service Limited. Surprisingly, it is only IRISK Limited that entered the top 10 that year. The rest were older companies.
However, there are other new companies climbing steadily to catch up with the top 10. Those companies are: Allstar Insurance Brokers – GH¢2,837,546; Safe Guard Insurance Brokers – GH¢2,226,339; First Anchor Risk Management – GH¢2,009,993; Crown Insurance Brokers – GH¢1,776,182; Progressive Insurance Brokers – GH¢1,772,365; Insurance Solution – GH¢1,630,738.
Others are: All Risk Consultant Limited – GH¢ 1, 524,203; Olea M&G Insurance Brokers – GH¢1,346,698; Arrow Class Insurance Brokers – GH¢1,144,087; and Boaitey & Associates Insurance Brokers Limited – GH¢ 1,042,177. Surprisingly, only two companies came into being during the late 2000s; and these are Safe Guard Insurance Brokers and Allstar Insurance Brokers.
Top 10 Insurance Broking companies
| Companies | Brokerage Income (Ghc) |
| KEK Insurance Brokers | 27,236,169 |
| Willis Towers Watson Ltd | 10,880,017 |
| Edward Mensah Wood | 10,802,802 |
| Horizon Insurance Brokers | 5,772,346 |
| Ascoma Insurance Brokers | 5,189,424 |
| Irisk Management Ltd. | 3,931,814 |
| Risk Management and Advisory Services | 3,443,165 |
| Safety Insurance Brokers | 3,416,551 |
| Midas Insurance Brokers | 3,067,719 |
| Tristar Insurance Services Ltd. | 2,885,226 |
| Total | GH¢76,625,233 |
The figures presented are unaudited and were extracted from quarterly returns submitted to the regulator, in accordance with Act 724 of 2006. No adjustment was made to the submitted data except for rounding-up the figures to the nearest whole number.
