The Role of Brokers in Ghana’s Insurance Market

From helping you compare policies to negotiating fair claims, insurance brokers are playing an increasingly vital role in Ghana’s insurance landscape. Yet, as the President of the Insurance Brokers Association of Ghana (IBAG) has noted, very few Ghanaians actually understand what brokers do or how they can help . This ASJ article explains the role of brokers, how they differ from agents, and why you should consider using one.

What Is an Insurance Broker?

An insurance broker is a licensed professional who acts as an intermediary between you and insurance companies. Unlike an agent who represents a specific insurance company, a broker is independent and works for you—the client .

Shaibu Ali, President of the Insurance Brokers Association of Ghana (IBAG), explained the difference clearly: “An agent is an extension of the insurance company, so whatever mistakes the agent makes fall directly on the company. The broker, on the other hand, is an independent consultant who stands between the client and the insurance company, working entirely in the client’s interest” .

Think of a broker like a lawyer in the insurance marketplace. They understand the technical details of policies, know the market, and guide clients to choose the right products at fair prices .

Brokers are licensed by the National Insurance Commission (NIC) and must meet professional standards. They are required to have professional indemnity cover of no less than GH¢500,000, which protects you if the broker makes a mistake .

What Do Insurance Brokers Do?

1. Help You Find the Right Policy

Insurance policies can be complicated. They are legal contracts with terms, conditions, and exclusions that are not always easy to understand. Brokers simplify this. They assess your needs, compare policies from multiple insurers, and recommend the best option for your situation .

This is particularly valuable for businesses. As the Managing Director of Oxbridge Insurance Brokers noted, “Today, businesses and individuals increasingly require deeper advisory support, customized protection plans, and professional guidance that aligns with their financial realities and operational risks” .

2. Negotiate Better Terms

Because brokers work with multiple insurers, they know what is available in the market. They can negotiate competitive premiums and favorable terms on your behalf. The IBAG president stressed that “using a broker often helps clients save money and avoid potential pitfalls in policy terms or claim settlements .

3. Assist with Claims

This is where brokers really prove their value. If you have an accident and need to make a claim, the broker guides you through the process. They know the documentation required and can advocate for you if there are disputes.

“Brokers hold accountability for all aspects of the insurance policy and make it easier for clients to navigate the often-difficult task of filing claims,” Ali explained .

The President of the Chartered Insurance Institute of Ghana added that brokers “like lawyers in the insurance marketplace, guide clients in selecting the right products and assist them in making claims .

4. Provide Professional Advice

Brokers stay up-to-date with the market and regulatory changes. They can advise you on your risks, identify gaps in your coverage, and recommend adjustments as your needs change . For businesses, this advisory role is crucial for adequate risk management.

Does a Broker Cost Extra?

This is one of the most common misconceptions . Many people believe that using a broker adds to the cost of insurance. That is not true.

With or without a broker, you pay the same premium. The broker’s commission is already built into the premium under what is called the “acquisition cost”—the cost the insurer pays to distribute its products .

The broker is paid by the insurance company from the premium you pay. You do not pay the broker separately . As IBAG President Shaibu Ali explained: “That’s one of the myths we’ve been trying to demystify. Using a broker’s services does not cost the client anything extra” .

Broker vs Agent: What Is the Difference?

This is one of the most common sources of confusion. Here is a simple breakdown:

As the University of Ghana Business School explained to insurance students, “brokers act as intermediaries between clients and insurance companies and often work with multiple insurers, unlike agents who typically represent only one .

How Big Is the Brokerage Market in Ghana?

The brokerage market is large and growing. According to analysis of National Insurance Commission (NIC) 2024 data :

Total Assets: Intermediaries held GHS 582 million in assets, up 23% from 2023. Insurance brokers dominate, holding GHS 491 million (84.4%).

Commission Income: Total commissions reached GHS 459 million, a 34% increase from 2023. Insurance brokers earned GHS 417 million of this total.

Top Brokers: The top 10 brokers generated GHS 250 million, representing 60% of total broker commissions.

The market leaders include KEK Insurance Brokers (GHS 62 million in commissions), Willis Towers Watson Ghana (GHS 47 million), EMWA Insurance Brokers (GHS 41 million), and Apex Insurance Brokers and Safety Insurance Brokers (GHS 23 million) .

Largest Brokers by Assets (2024)

There are over 100 licensed brokers in Ghana, with most based in Accra and branches in other regions .

What Are the Challenges?

Despite the growth, the brokerage market faces challenges. The IBAG President has identified low public awareness as a major barrier. Over time, we realised that people in Ghana knew a lot about insurance companies but very little about insurance broking,” he explained .

The Association has launched a nationwide awareness campaign under the theme “The Insurance Broker – Your Gateway to the Insurance Market” to correct these misconceptions .

Other challenges include:

• Professionalism: Strengthening ethical standards and compliance across the industry

• Technology: Adapting to digital disruption in the insurance marketplace

• Regulation: Working with the National Insurance Commission to strengthen the regulatory framework

IBAG is also exploring ways to ensure brokers benefit from large-scale sectors. The new IBAG President has announced plans to revisit the creation of an upstream energy insurance pool for brokers, similar to the Ghana Oil and Gas Insurance Pool (GOGIP), to ensure local firms are not crowded out of strategic industries .

Who Should Use an Insurance Broker?

The short answer is: almost anyone. As the President of the Chartered Insurance Institute of Ghana put it: “Elsewhere, no one goes directly to an insurance company without a broker. Even the insurance companies themselves recommend brokers to clients” .

Individuals: If you are buying motor, health, or life insurance, a broker can help you compare options and ensure you get the right cover at the right price.

Businesses: SMEs, large corporations, professionals, and emerging sectors like technology, logistics, and manufacturing can all benefit from a broker’s advisory expertise . Many Ghanaian businesses still face underinsurance, inadequate risk planning, and limited understanding of policy structures . A broker helps bridge this gap.

Specialized Risks: For sectors like energy, construction, and healthcare, brokers with specialist knowledge are invaluable. They understand the unique risks and can structure appropriate coverage.

ASJ Conclusion

Insurance brokers play an essential role in Ghana’s insurance market. They are independent professionals who work for you, not the insurance company. They help you find the right policies, negotiate fair terms, and assist with claims—all at no extra cost.

The brokerage market is large and growing. Over 100 licensed brokers operate across the country, with the top firms handling hundreds of millions of cedis in premiums. IBAG is working to strengthen professionalism and regulation, and new digital platforms like Clickinsure are making brokerage services even more accessible .

If you are buying insurance, consider using a broker. They can save you time, money, and potential frustration, especially when it comes to making claims. As Shaibu Ali said: “It’s always more convenient and gives clients peace of mind. The broker understands the claims process, knows policy wording, and ensures you’re not shortchanged” .

Quick Facts

Frequently Asked Questions

1. What is an insurance broker?
An insurance broker is a licensed independent professional who acts as an intermediary between clients and insurance companies. Unlike agents who represent specific insurers, brokers work for you, helping you find the right policies, negotiate terms, and assist with claims.

2. What is the difference between a broker and an agent?
A broker works for the client and can compare policies from multiple insurers. An agent works for the insurance company and typically represents only one provider.

3. Does using a broker cost me extra?
No. Brokers are paid by the insurance company from the premium you pay. You pay the same premium whether you use a broker or go directly to the insurer .

4. How do brokers make money?
Brokers earn commissions from the insurance company on policies they place. The commission is built into the premium as part of the “acquisition cost” .

5. What assistance do brokers provide with claims?
Brokers guide you through the claims process, help with necessary documentation, and advocate for you with the insurer to ensure fair and prompt settlement.

6. Are insurance brokers regulated in Ghana?
Yes. Brokers must be licensed by the National Insurance Commission (NIC) and adhere to professional and ethical standards. They are also required to have professional indemnity cover.

7. How many licensed brokers are there in Ghana?
There are over 100 licensed insurance brokers, with most based in Accra and branches in other regions .

8. What is IBAG?
IBAG is the Insurance Brokers Association of Ghana. It is the industry body that represents brokers, promotes professionalism, and works with the regulator to improve the sector.

9. Who are the top brokers in Ghana?
Leading brokers include KEK Insurance Brokers, Willis Towers Watson Ghana, EMWA Insurance Brokers, Apex Insurance Brokers, and Olea Insurance Solutions .

10. Can a broker help me save money?
Yes. Brokers can compare policies from multiple insurers to find the best coverage at competitive rates. They can also identify coverage gaps and help you avoid costly mistakes .

Source: Accra Street Journal

Last Updated on August 22, 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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