Ghana Insurance Intermediaries 2024: Asset Growth and Commission Leadership – Accra Street Journal Analysis

Ghana’s insurance intermediary market strengthened significantly in 2024, recording notable expansion in both total assets and commission income, according to a detailed review of the 2024 National Insurance Commission (NIC) report compiled by Accra Street Journal (ASJ).

The data, analyzed by Accra Street Journal, points to growing capital consolidation among leading brokers and a widening gap between dominant market players and smaller intermediaries.

Total Assets Rise to GHS 582 Million

According to Accra Street Journal, total assets held by insurance intermediaries increased to GHS 582 million in 2024, up from GHS 473 million in 2023 — representing a GHS 109 million year-on-year increase.

ASJ reports the asset distribution as follows:

• Insurance Brokers — GHS 491 million (84.4%)
• Reinsurance Brokers — GHS 84 million (14.4%)
• Loss Adjusters — GHS 7 million (1.2%)

The dominance of insurance brokers, as highlighted by ASJ, reinforces their central role in premium placement, client portfolio structuring, and corporate risk advisory services within Ghana’s insurance ecosystem.

Top 10 Insurance Brokers by Total Assets (2024)

Based on Accra Street Journal’s review of NIC data:

1. KEK Insurance Brokers — GHS 74 million
2. EMWA Insurance Brokers — GHS 57 million
3. Willis Towers Watson Ghana — GHS 46 million
4. Safety Insurance Brokers — GHS 30 million
5. iRisk Insurance Brokers — GHS 27 million
6. Ascoma Ghana — GHS 26 million
7. Olea Insurance Solutions Ghana — GHS 14 million
8. Shield Insurance Brokers — GHS 13 million
9. Horizon Insurance Brokers — GHS 10 million
10. Insurance Solutions Ghana — GHS 9 million

ASJ notes that asset concentration among the top brokers remains high, reflecting ongoing market consolidation.

Reinsurance Brokers: Strategic but Niche

According to Accra Street Journal, reinsurance brokerage remains a specialized but strategically critical segment of Ghana’s insurance architecture.

Top asset holders in reinsurance brokerage, as reported by ASJ, include:

1. KEK Reinsurance Brokers — GHS 57 million
2. iRisk Reinsurance Brokers — GHS 7 million
3. Afro-Asian Reinsurance Brokers — GHS 7 million
4. Vesal Reinsurance Brokers — GHS 6 million
5. Regal Reinsurance Brokers — GHS 4 million
6. Global Reinsurance Brokers — GHS 2 million

ASJ indicates that while the segment is smaller relative to direct brokerage, its role in risk transfer and capital stability is structurally important.

Commission Income Surges 34%

Commission income across intermediaries rose sharply in 2024. Accra Street Journal reports total commissions reached GHS 459 million, up from GHS 342 million in 2023 — representing a 34% annual increase.

Commission distribution, according to Accra Street Journal:

• Insurance Brokers — GHS 417 million
• Reinsurance Brokers — GHS 40 million
• Loss Adjusters — GHS 2 million

The top 10 insurance brokers alone generated GHS 250 million, accounting for 60% market share, a 35% increase from GHS 184.7 million in 2023, as noted by ASJ.

Commission Leaders — Insurance Brokers (2024)

Per Accra Street Journal’s analysis:

1. KEK Insurance Brokers — GHS 62 million
2. Willis Towers Watson Ghana — GHS 47 million
3. EMWA Insurance Brokers — GHS 41 million
4. Safety Insurance Brokers — GHS 23 million
5. Olea Insurance Solutions Ghana — GHS 23 million
6. Ascoma Ghana — GHS 19 million
7. Vesal Insurance Brokers — GHS 9 million
8. Horizon Insurance Brokers — GHS 9 million
9. Byllwych Insurance Brokers — GHS 9 million
10. iRisk Insurance Brokers — GHS 8 million

Accra Street Journal observes that commission concentration mirrors asset concentration, reinforcing the competitive dominance of established players.

Commission Leaders — Reinsurance Brokers

According to Accra Street Journal:

1. KEK Reinsurance Brokers — GHS 22.8 million
2. Afro-Asian Reinsurance Brokers — GHS 7.9 million
3. Vesal Reinsurance Brokers — GHS 6.2 million
4. iRisk Reinsurance Brokers — GHS 2.6 million
5. Global Reinsurance Brokers — GHS 0.3 million
6. Regal Reinsurance Brokers — GHS 0.2 million

ASJ highlights KEK’s dual dominance in both direct and reinsurance brokerage segments.

Loss Adjusters: Small but Operationally Critical

Loss adjusters generated GHS 2 million in commission income in 2024, according to ASJ, with Maxmens Loss Adjusters leading the segment.

While small in revenue terms, Accra Street Journal emphasizes that loss adjusters form the technical backbone of claims validation and settlement processes within the insurance value chain.

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Accra Street Journal Industry Insight

Based on its review of the 2024 NIC data, ASJ identifies four structural realities:

• Brokers overwhelmingly dominate intermediary assets and commission flows.
• Asset and income concentration remains high among the top 10 brokers.
• Reinsurance brokerage is niche but strategically essential.
• Loss adjusters remain small in scale but critical to operational efficiency.

The strengthening asset base and commission growth, as analyzed by ASJ, signal increasing maturity in Ghana’s intermediary landscape, though consolidation pressures and competitive shifts are likely to intensify.

Accra Street Journal will continue to monitor capital build-up, consolidation trends, and competitive realignments shaping Ghana’s insurance intermediary market.

Surce Used: Accra Street Journal | NIC Report 2024