The KEK Insurance Brokers performed better than a number of brokers in the financial year 2019.
According to the regulator’s report, KEK’s brokerage income increased from GH¢23.21million in 2018 to GH¢25.64million in 2019, representing a 0.24% increase.
The trend for top-ten companies in Ghana’s insurance broking market changed as at year-end 2019, as broking firms like Willis Towers, Watson pushed old-timer Edward Mensah Wood from second position to third.
Willis Towers earned GH¢12.33million while Edward Mensah Wood & Associates chalked up GH¢12.28million in relinquishing second position to multinational broker Willis Towers.
Safety Insurance Brokers was also outpaced by Horizon Insurance Brokers to take the fourth position. Historically, companies licenced before the early 2000s are no longer in the top-ten of the brokers list.
Apart from Edward Mensah Wood & Associates incorporated in 1987 and KEK in 1985, all others on the top-ten list began the business of insurance broking in the later 1990s to early 2000s.
Although Willis Towers, Watson and Ascoma are global insurance brokers, the others -Horizon, Safety, Shield, Tri-star, Midas and Rmas – are all local companies being managed by experienced insurance professionals of repute.
From the analysis, Horizon earned GH¢5.91million; Safety- GH¢5.88million Shield – GH¢3.41million; Tri-star – GH¢3.32million; Midas – GH¢2.88million; and Rmas – GH¢2.69million.