2018-06-05 by Admin
Source: National Insurance Commission,
Ghana 2016
68
Insurance brokering companies that operated in Ghana in 2016 earned
Income of GHC 73,144,221 in 2016 representing growth rate of 12%.
According to the Latest industry financial report released by the
National Insurance Commission (NIC) indicated that 64% of this income
was contributed by the top 10 brokers which stood at GHC 45.1 million.
The
report also shows that KEK Insurance brokers and Edward Mensah Wood and
Associates maintained their position as market leaders by contributing
GhC 15 million and GHC 6 million respectively.
Their Contribution
represent 33% and 13% respectively to retain the first and second
positions in the sector.
Gras
Savoye now (Willis Watson Towers Ghana Limited), Safety Insurance
brokers and Crown insurance Brokers improved on their 2015 performance
to third, fifth, and ninth positions respectively.
However,
Horizon decline to seventh position from their 2015 performance, Whiles
Midas Insurance Brokers pulled a surprised one by making it to the top
10 with an income of excess of GHC 2 million; represent 5% of the market
share for 2016. 2016 Performance Of Brokers
Tri-Star
and Crown Insurance Brokers Limited both maintained their sixth and
ninth position as in the prior year. In this analysis those companies
not included in the figures from the 10 newly licensed brokers are
because they are startups and were not inactive during the year.
However,
some brokerage practitioners explained that KEK Reinsurance Brokers,
though don’t do direct brokering business with the insuring public.
They
indicated that the company deals directly with insurance and
reinsurance companies. In view of this some of the brokers pointed out
that they should have been left out of the top 10 Brokers.
The
Brokering Practitioner indicated that KEK Reinsurance Brokers at the
close of the 2016 accounting year was the only reinsurance broker
licensed to operate in Ghana insurance market. Currently, one other
reinsurance broker has joined, 2016 Performance Of Brokers
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