By Raymond Rex Awiagah
Background
KEK Insurance Brokers, one of Ghana’s leading insurance brokerage firms, has commemorated its 35th anniversary with a strategic public lecture and panel discussion, spotlighting both its legacy and the future of the insurance industry in Ghana.
Held under the theme “The Journey of Insurance Broking in Ghana: KEK’s Contribution”, the event drew participation from industry stakeholders, policymakers, and business leaders. The lecture chronicled the evolution of insurance broking in Ghana over the past three decades, highlighting KEK’s role in driving industry innovation, regulatory compliance, and client-centered solutions.
Management underscored KEK’s contribution to enhancing risk management practices among businesses and improving insurance literacy in both the public and private sectors. The firm, established in 1990, has grown to become a trusted advisor for corporations across industries, offering bespoke insurance solutions and advisory services.
A key highlight of the event was a panel discussion on the current hot-button issue of Value Added Tax (VAT) on non-life insurance premiums. Panelists examined the policy’s implications for cost structures, client uptake, and overall market growth. Industry experts argued that applying VAT to insurance premiums could drive up the cost of doing business, reduce insurance penetration, and disincentivize risk mitigation among SMEs.
Participants called for policy reviews and stakeholder engagement to strike a balance between government revenue goals and the development of a resilient insurance sector.
The Insurance Brokers Journey by Group CEO of Star Assurance
The Group CEO of Star Assurance, Samuel Ocran delivered a compelling account of the historical development of insurance careers and the broader industry in Ghana, tracing its roots as far back as 1844.
Commissioner of Insurance Praises KEK Insurance Brokers
The Commissioner of Insurance, Dr Abiba Zakaria eulogise the contributions of Kwesi Essel Koomson, founder of KEK Insurance Brokers in the insurance industry. She said Ghana could achieve its goal of financial inclusion and protection for all, if the insurance industry is proactive and innovative.
“It is a mission or ideology that we at the NIC want to pursue, bringing relevant financial security to the doorstep of Ghanaians and we call out to you that join the dream so that together we can transform our industry to higher and better levels“. She said.
MD of KEK Insurance Brokers shares reflections
KEK Managing Director, Shabu Ali reflected on the company’s remarkable 35-year journey “when we started off, there were less than 10 insurance brokers on the market, but today we have about 120, insurance brokers on the market. Competition is a lot stiffer now, the clients have become more sophisticated, Insurance companies see themselves as competition“.
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KEK Insurance Brokers positions as market leader
Despite these challenges, KEK Insurance has maintained its position as the market leader for over three decades “we were set up in 1990 and 2 years after we become the lead broker by market share, and for the past 33 years, we have maintained this enviable position. It’s not been easy. We have led the charge in introducing a lot of policy documentation onto the market. We brought the access all risk to Ghana. We brought bankers blanket Bond to Ghana. We introduced binding authority onto the Ghana market, we are eventually a ground breaker on the Ghana market, so far as insurance broker is concerned“.
Looking ahead for KEK Insurance Brokers
Looking ahead, he emphasised the need for Ghana’s insurance industry to adopt best practices “the next 35 years for me is going to be a lot more challenging. We have to up our game. You have to do things more like it’s done on the developed insurance markets like London, like South Africa and all the other places, so that the Ghana market would benefit. We believe that there’s a lot more that the clients in Ghana are not getting in terms of value for money“.
Brokers to take greater responsibility in shaping policies
He also called for brokers to take greater responsibility in shaping policies and issuing policy documents to ensure that clients get the best return on their premiums “we believe that we as brokers must take charge in terms of policy, policy document issuers and all that, so that the clients would be comfortable and happy with what they are getting for the premium that they that they are paying“.
The event not only celebrated KEK’s milestone but also positioned the firm as a thought leader advocating for reforms that can unlock greater value across Ghana’s insurance ecosystem.