KEK insurance brokers likely to retain highest market share over a long period of time: Star CEO

Group CEO of Star Assurance, Mr. Samuel Ocran, has forecasted that KEK Insurance Brokers will retain its dominance in Ghana’s insurance brokerage industry over the next decade.

Delivering a public lecture themed “The Journey of Insurance Broking in Ghana and KEK’s Contribution”, to celebrate 35 years of excellence in insurance brokerage service by KEK, Mr Ocran attributed his projection to the firm’s strong international partnerships and its cadre of experienced and loyal staff.

“In the next decade, KEK will continue to be the market leader in terms of market share if it tightens its relationship with its international partners so they become the sole legal representation and also if it retains its experienced and productive loyal staff,” said Mr Ocran.

The Star Assurance CEO made the forecast as part of a broader outlook on the insurance broking landscape for the next ten years, pointing to an evolving ecosystem driven by political influence, insurtech, regulatory reforms, and shifting customer expectations.

“Politicians influencing the world of brokers and risk placement will increase as it reflects the broader societal dynamics,” he noted. “Claims will also be paid based on the spirit, and not merely the letter of the policy. Also brokers risk losing the retail market space unless they continuously invest in technology for seamless customer service.”

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Mr Ocran emphasized that insurtech will define the future of insurance broking, urging brokers to embrace technological advancements to remain competitive. He also predicted a rise in strategic international alliances and the growing importance of KYC (Know Your Customer) and risk ratings in policy placements.

Additionally, he projected a surge in bancassurance operations, with more banks applying for brokerage licenses either directly or through strategic alliances, as well as a paradigm shift in product development focused on need-based offerings.

On regulation, Mr Ocran revealed that the Insurance Brokers Association of Ghana (IBAG) will establish stringent market ethics and engagement rules to forestall regulatory intervention and clean-up exercises.

The lecture paid tribute to the late Kwesi Essel Koomson, founder of the KEK Group, whose legacy was characterised by entrepreneurial vision and institutional-building. Mr Ocran praised Mr Koomson’s leadership qualities, noting his spiritual values, commitment to family, and ability to identify and nurture talent.

“He was deeply rooted, highly networked, and exhibited a blend of diplomacy and hard work,” said Mr Ocran.

KEK’s projected resilience and continued market leadership, according to Mr Ocran, reflect broader trends in Ghana’s evolving financial services ecosystem, where innovation, governance, and global integration are increasingly determining long-term viability.

KEK Group, which operates across West Africa with subsidiaries in Sierra Leone, Liberia, and Côte d’Ivoire, as well as reinsurance operations, has long been considered a benchmark in Ghana’s relatively nascent but growing insurance brokerage industry.

Source: ghananewsonline.com.gh