The president of the Insurance Brokers Association of Ghana (IBAG), Stephen Kwarteng Yeboah, has raised concerns over what he describes as growing political interference in Ghana’s insurance sector.
He warns that it is largely driven by the pursuit of kickbacks.
Speaking on Joy News’ PM Express on Tuesday, he questioned why state institutions would bypass brokers and deal directly with selected insurance companies.
“When the premium is paid, we get paid our commission out. So there’s a lot of work that you do. Sometimes we need to even travel outside the country when we don’t have the capacity to negotiate terms with reinsurance outside the country,” he said.
He argued that brokers’ role is critical in securing the best terms for clients, especially in complex reinsurance transactions.
Against this backdrop, he found it difficult to justify the termination of brokerage contracts by state institutions.
“So why will a state institution probably cancel the contract of a broker, and decide to go direct and deal with some selected insurance companies?” he asked.
