At Day 2 of the 2026 IBAG Annual Conference and Exhibition, prominent business executive Sam Jonah called on insurance brokers to prepare for major global changes reshaping the industry.

Speaking at the event, Sir Jonah highlighted the important role played by the Insurance Brokers Association of Ghana (IBAG), noting that the Association goes beyond being just a trade body for brokers, reinsurance brokers, and technical service providers.

He said IBAG has been central in helping the industry navigate an increasingly complex environment.

He stressed that Ghana’s insurance sector cannot celebrate its progress in isolation, as global trends continue to influence local markets.

According to him, the global insurance landscape is undergoing a profound and irreversible transformation, and these changes will eventually impact Ghana.

Sir Jonah pointed out that one of the key challenges facing the industry globally, especially in Africa, is attracting and retaining young professionals.

He noted that many young people view the insurance sector as traditional, slow, and uninspiring.

“This perception must change,” he said, adding that the industry can only improve its image through investment in education, stronger advocacy, and visible leadership from professionals who demonstrate the true value of insurance.

He also addressed the impact of Ghana’s Domestic Debt Exchange Programme (DDEP), describing it as a major setback that weakened the capital base of many firms, including insurers and intermediaries.

While recovery is underway and showing positive signs, Sir Jonah cautioned against complacency.

“We must not mistake encouraging signs for full recovery,” he said, explaining that the DDEP exposed structural weaknesses in the industry—particularly the heavy reliance on government securities in investment portfolios.

He urged companies to diversify their investments and build stronger capital buffers.

On regulation and distribution, Sir Jonah noted that the formalisation of bancassurance under Act 1061, along with the alignment between the National Insurance Commission (NIC) and the Bank of Ghana, has been a significant achievement. The policy limits banks to distributing personal line insurance products, a move he said was secured through strong advocacy by IBAG.

Despite increasing competition from technology and digital platforms, Jonah emphasised that the role of brokers remains vital.

He explained that brokers bring expertise, objectivity, and independent advice—qualities that cannot easily be replaced.

He concluded by urging brokers to continue proving their value through professionalism and innovation, as the industry adapts to ongoing changes.