The year 1965 could be marked as the birth year of Insurance Broking in Ghana. For the first time in the history of Insurance in Ghana the word, ‘Broker’ was mentioned in the Insurance Act which was passed on 29th April 1965 to consolidate the practice of Insurance in Ghana.
No insurance Broking company was registered in the country when the Act was passed. After the passage of the Act some British Insurance Broking companies came to Ghana to explore the possibilities of setting up Broking Companies but unfortunately realized with the establishment in November 1962 of the State Insurance Corporation of Ghana (S.I.C) which had assumed the role of Insurance Advisor to the government, it would not be profitable to set up Broking companies in the Country.
In early 1969, a group of Ghanaians, acting on the advice of Nana Awuah Darko-Ampem decided to set up an Insurance Broking Company in Ghana and practise on the same acceptable principles as would be applicable in Europe and elsewhere. In May 1969, the first Insurance Broking company in Ghana was duly licensed by the Government.
The History of IBAG
The Insurance Brokers’ Association of Ghana (IBAG) was inaugurated on the 27th of October 1988, with fifteen (15) licensed Broker Firms. Six (6) years before the inauguration there were exchange of ideas and discussions of a united body to spearhead the affairs of Insurance Brokers. On 13th August 1987, the then Commissioner of Insurance, Mr M. A. Darko, called a special meeting of all Brokers and intermediaries, the aftermath of which led to the registration of IBAG in September 1987.
Member Firms at that time made contributions to a Fund that started the Insurance Course within the University of Ghana’s School of Administration. The Lecturers then were the Chief Executives of Members firms, qualified Associates of the Chartered Insurance Institute, London; graduates of the University of Ghana.
IBAG’s Membership grew as more firms obtained Broker’s License to operate. IBAG’s first Code of Conduct was published to serve as a guide. Under the steady leadership of Presidents in the persons of Dr. Ashong Katai, Mr. A.K.S Hayford, Mr. Albert Brock, Mr Emmanuel Nsiah and Mr. D. K. Afriyie, the Association grew and contributed to key decision making that affected the Insurance Industry as a whole.