Insurance broking firms soar

More insurance broking firms have penetrated into Ghana’s insurance industry’s landscape since 2017.

 

The figure has augmented from 65 as regards to in 2016 85 in 2017. In 2016 about ten broking firms were offered operational authorization to establish business in the country.

 

The firms were, K&A Insurance Brokers Ltd, Pacific Insurance Brokers Ltd, Risk Partners Ltd, Strategic Insurance Consult, Supreme Trust Insurance Brokers and Worldwide Insurance Brokers Ltd. Anchor Premier Brokerage Ltd. And Byllwych Insurance Brokers Ltd,

 

The rest were Ideal Insurance Brokers and Insurance Management Service Ltd. Risk Management Ltd, Conversely, out of these numbers, only four of these firms are legitimately registered with the Ghana Insurance Brokers Association (GIBA). Those registered with the GIBA include Anchor Premier Brokerage Ltd, Byllwych Insurance Brokers, Ideal Insurance Brokers and Risk Partners Ltd.

 

According to National Insurance Commission’s regulations (NIC) after the operational licenses have been accepted and issued by the regulatory authority, NIC, the new firms are always advised by the approving authority through a letter to join the trade association which is GIBA, but on numerous occasions, these companies do not heed to the recommendation.

 

Currently only about 67 firms are legitimately registered with GIBA, the body of all broking companies in the country.

 

So far, the official list shows 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 and Will Towers Watson as members of GIBA

 

Others are 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. and Arrow Class Insurance Brokers Ltd.

 

The rest are , 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 and 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.

 

Insurance …with Kofi Owusu Tawiah

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