News and Events

Address by President

Address by Rev. Asante Marfo-Ahenkora
[Incoming President]
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Daasebre, The Honorable Minister of Finance’s representative, Chief Executive Officers of the Insurance
Industry, Colleague Brokers, ladies and gentlemen;

The Ghana Insurance Brokers Association has made it clear that it wishes to inject fresh dynamism into
its operations to promote and raise the image of Insurance Brokers as well as maintain and uphold a high
standard of Broking and Consulting practice in insurance.

Our corporate and personal clients seek to improve their bottom line by cutting down on the cost of risk.
They are therefore requesting for innovative ways from Insurance Brokers to manage their risks and
reduce the cost of insurance from year to year. In addition they are looking for a corporate body which
will be responsible and trustworthy enough to advise them professionally, offer to run errands for them on
insurance and assist them in their claims.

The scope and role expectation laid upon the Insurance Broker is being broadened by the day and
Brokers require the depth of knowledge & skills to be ahead of both client and insurer in providing
innovative solutions which will match the needs of their clients on one hand with what can be afforded by
the insurer.

Daasebre, the Broker among others provides the following:

Risk Exposure Identification which involves a detailed assessment of risks associated with the business/
concern; Undertaking Pre-Renewal Preparation which involves obtaining underwriting information from
client; Client Renewal Discussions which is essentially to obtain the mandate to negotiate renewal terms,
discuss renewal conditions and terms and other related developments regarding the client’s insurance
portfolio.

Brokers also engage in Market Negotiation. Here, Brokers present underwriting information; negotiate
renewal terms and confirm results of market rates to the client. This involves sourcing for the “right” terms.
Our Post Renewal Programmes involves negotiating/finalising policy wordings, processing premium
payments; agreeing to claims procedures and issuance of policy digests or summaries of insurance cover
and uninsured risks.

We also maintain a Service & Administration plan which involves meetings between Broker and client to
iron out prevailing issues that may crop up during the year. It may be follow-ups to renewal; outstanding
matters; additions; deletions and normal service calls between broker and client.

Claims Management which is one of the most essential aspects of insurance requires the expertise of the
Broker to prosecute. Here Brokers exhaustively and expertly manage all client claims up to full settlement.
This involves collating claim documents, negotiating and processing all classes of claims and ensuring
speedy issuing of claim cheques to clients within appreciable time frame.

It is worth noting ladies and gentlemen, that to convince insurers to reduce rates Brokers strive to offer
advice on how to deal with perceived risk exposures. This involves the coordination of housekeeping
activities that follow laid down risk management methods to improve risk and set firm grounds to
negotiate favourable terms for clients.

The Ghanaian Broker has and continues to offer unrivalled services to their clientele and their presence

on the market will continue to greatly enhance public understanding and appreciation of insurance since
they are better placed to evoke trust when advising the public on insurance as they are seen to be
working in the best interest of their clients.
Having realised its unique position in the industry and the professional resources available to the public
when they use insurance brokers, GIBA as an umbrella body of Insurance Brokers and consultants have
put public education on the role of insurance brokers in the Ghanaian economy high on its agenda so that
it can prosecute this understanding among the public.
Simply put: “If you need insurance talk to your broker first he is your best advisor and will best represents
your interest and usually at no fee”

Secondly GIBA would want to provide staff of its member companies the opportunity of acquiring
knowledge and skills associated with International Risk Management and broking practice so that
they can provide innovative solutions to the emerging risk management problems of their clients. The
Association will be putting together workshops, seminars and training programmes related to the core
Broking business of today to support manpower development needs of the industry.

Thirdly in order to build capacity and position itself to take advantage of the Oil and Gas industry, GIBA
is in the process of setting up an Oil & Gas Brokerage company wholly owned by all the members of
GIBA with resources available from the pool of Brokers to present as GIBA’s answer to policy makers to
take advantage of the local content policy under the Petroleum Bill. To this end we shall be counting on
the support of the Government and the Industry players to facilitate the recognition of this company as a
unified, equitable and pragmatic answer to the government’s call for local companies to provide services
to the Oil & Gas sector.

I expect my colleagues Brokers to be Professional and ethical in the discharge of their duties since
the health of the industry depend to a large extent on our output. We need to improve premium debt
collection and support efforts to bring professionalism into our industry.

I wish to thank the previous Executive Council members who have tirelessly brought the Association
to this level and pledge to continue from where they left off and improve our image. I also thank our
colleagues from Ghana Insurers Association for their collaboration over the years and look forward to
expanding this healthy relationship.

Thank you and God richly bless you

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  • History

  • History of Insurance In Ghana
  • The year 1965 could be marked as the birth year of Insurance Brokerage in Ghana...
  • Messages

  • President's Message
  • The Ghana Insurance Brokers Association has made it clear that it wishes to inject fresh dynamism into its operations to promote and raise the image of Insurance Brokers.
  • Membership

  • Membership
  • Membership of GIBA is open to bodies Corporate and not individual members.
    All newly licensed Insurance Brokers are directed by the NIC to join GIBA.
  • News

  • GIBA Launches Website
  • GIBA has launched it new website to help improve it image and enhance communication