Ghana Insurance Intermediaries 2024: Asset Growth and Commission Leadership Signal Market Maturity

Ghana’s insurance intermediary market demonstrated strong growth in 2024, with total assets and commission income rising sharply, reflecting consolidation among top brokers and growing strategic importance of reinsurance services, according to Accra Street Journal (ASJ)’s analysis of the 2024 National Insurance Commission (NIC) report.

Total Assets Expand Across Brokers

Total assets held by intermediaries reached GHS 582 million, up from GHS 473 million in 2023—a 23% year-on-year increase. Insurance brokers dominate the landscape, accounting for GHS 491 million (84.4%) of total intermediary assets. Reinsurance brokers contributed GHS 84 million (14.4%), while loss adjusters held GHS 7 million (1.2%).

Top Asset-Holding Brokers 2024 (GHS millions):

1. KEK Insurance Brokers – 74 M

2. EMWA Insurance Brokers – 57 M

3. Willis Towers Watson Ghana – 46 M

4. Safety Insurance Brokers – 30 M

5. iRisk Insurance Brokers – 27 M

6. Ascoma Ghana – 26 M

7. Olea Insurance Solutions – 14 M

8. Shield Insurance Brokers – 13 M

9. Horizon Insurance Brokers – 10 M

10. Insurance Solutions Ghana – 9 M

Reinsurance brokerage remains niche yet strategically significant, with KEK Reinsurance Brokers leading at GHS 57 million in assets.

Commission Income Reflects Market Leadership

Total commission income reached GHS 459 million, up 34% from 2023 (ASJ). Insurance brokers generated GHS 417 million, with the top 10 brokers contributing GHS 250 million, representing 60% of total broker commission.

Top Commission-Earning Brokers 2024 (GHS millions):

1. KEK Insurance Brokers – 62 M

2. Willis Towers Watson Ghana – 47 M

3. EMWA Insurance Brokers – 41 M

4. Safety Insurance Brokers – 23 M

5. Olea Insurance Solutions – 23 M

6. Ascoma Ghana – 19 M

7. Vesal Insurance Brokers – 9 M

8. Horizon Insurance Brokers – 9 M

9. Byllwych Insurance Brokers – 9 M

10. iRisk Insurance Brokers – 8 M

Reinsurance brokers earned GHS 40 million, with KEK Reinsurance at GHS 22.8 million, confirming the niche’s strategic relevance. Loss adjusters contributed GHS 2 million, highlighting their role as a technical backbone to claims management.

Market Observations and Investor Insights

ASJ notes:

• Brokers overwhelmingly dominate intermediary assets and commission flows.

• Concentration of assets and income within the top 10 brokers remains high.

• Reinsurance brokerage is a small but strategically important segment.

• Loss adjusters play a critical supporting role in claims and technical assessment.

The 2024 NIC data underscores a strengthening intermediary market with growing capital base and enhanced income-generation capacity. Analysts suggest investors monitor consolidation trends, top-broker performance, and emerging reinsurance opportunities for strategic positioning.

Source: Accra Street Journal (ASJ), NIC 2024 Report

Last Updated on March 12, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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