Insurance brokers hold 4-day conference

By Elliot WILLIAMS

The Insurance Brokers Association of Ghana (IBAG) has held its 2026 Annual Conference and Exhibition (ACE) at the Rock City Hotel, Kwahu in the Eastern Region.

The four day event, held from March 24 to 28, brought together key stakeholders – including regulators, brokers and insurance industry leaders – to deliberate on emerging challenges and opportunities within the sector. There were more than 350 insurance industry operators in attendance.

The theme for the programme was: “Building resilience in a socio-political environment.

The opening ceremony of the conference was chaired by Dr Zakariah Abiba, Ghana’s Insurance Commissioner and CEO of the National Insurance Commission, who was represented by her Deputy, Bernard Ohemeng Baah. Stephen Kwarteng Yeboah President of IBAG delivered the welcome address. Goodwill messages were also presented by the Ghana Insurers Association and the Chartered Insurance Institute of Ghana.

Stephen Kwarteng Yeboah, in his welcome address, enthused that the conference was a “celebration of consistency, resilience and shared purpose.”

He continued that “  Despite the pendulum nature of our economy we somehow seem to find a way to get back on track for a while before it descends again. Fortunately we have been seeing a lot of progress on the economic front since 2025.”

The Special Guest of Honour, Finance Minister Dr Cassiel Ato Forson, delivered the keynote address at the opening ceremony.

Acknowledging the vital importance of the insurance brokerage industry he asserted that “You are not merely intermediaries; you are advisors, advocates and educators. You ensure fair cover and claims settlements and you demystify insurance for households and businesses. A strong brokerage profession is therefore indispensable to enterprise sustainability, financial stability and long term growth.”

Dr Ato Forson recognized the role of insurance in supporting enterprise growth and strengthening financial stability but lamented that penetration remains modest, “especially among SMEs, informal workers, rural communities, women and persons with disabilities – the very groups most vulnerable to shocks.”

He assured however that government is therefore pursuing deliberate reforms to deepen penetration, strengthen consumer confidence and position insurance as a driver of inclusive growth. He recounted that to this end, government, in collaboration with the NIC, Ghana Revenue Authority and the Bank of Ghana is now enforcing Section 222 of the Insurance Act, making local insurance of marine cargo mandatory to retain premiums locally and strengthen industry growth.

He also assured that government’s Insurance Sector Strengthening Strategy will, over the next two years, drive digital transformation, improve regulation and attract international investment while a 10-year Insurance Master Plan will serve as a blueprint for reforms to tackle low penetration, pricing inefficiencies and fragmented frameworks, while positioning Ghana as a regional insurance hub.

However he accompanied this assurance with a call to action. “Public confidence is weakened by delays in claims settlement, low literacy and unhealthy practices such as premium undercutting” he warned.

He urged brokers to rebuild trust through prompt and fair claims settlement, adherence to ethical standards and stronger consumer engagement.

Sir Sam Jonah, the highly renowned former mining magnate turned entrepreneur delivered a presentation entitled “Trust, Professionalism and Purpose: Navigating the New Frontiers of Insurance.”

He praised the Insurance Act of 2024 – Act 1061 – as a landmark achievement with its new compulsory insurance classes, enhanced provisions for agricultural and micro-insurance and a strengthened framework for intermediary licensing, asserting that “IBAG, as the only recognized trade association for brokers, reinsurance brokers and technical service providers, has been central to shaping and navigating this environment.”

But he also drew attention to the profound transformation that the global insurance industry is undergoing, pointing out that it is the brokers who understand the forces reshaping the industry that will thrive.

He listed the challenge of climate change and its effects on agriculture; technological disruption – and specifically AI – and the rise of embedded insurance  to cover digital transactions; the growing fragmentation of the global economic and geopolitical order and its effects on supply chains, insurance risk pools, reinsurance treaties and investment portfolios; and a talent crisis which has left the industry struggling to attract and retain the next generation of insurance professionals.

He identified the challenges to brokers as the residual damage of the Domestic Debt Exchange Programme to capital in the industry, disintermediation, driven by technology and the intensification of market competition, which has led to 44 insurance companies and about 130 brokers in Ghana currently.

The itinerary for the conference featured business sessions, panel discussions, and presentations focused on industry resilience.

The event concluded on March 28 following a final day of community outreach, sports activities, and a closing awards dinner.