Renowned Ghanaian business leader Sir Sam Jonah has urged insurance professionals to uphold integrity and resist political interference, as he delivered a powerful keynote address at the 2026 Annual Conference of the Insurance Brokers Association of Ghana (IBAG) in Accra.

Speaking on the theme “Trust, Professionalism and Purpose: Navigating the New Frontiers of Insurance,” Sir Sam Jonah described insurance brokers as the “connective tissue” of the industry, playing a vital role in protecting lives and businesses by translating complex risks into practical solutions.

He praised the Ghanaian insurance sector for its resilience and strong recovery following the COVID-19 pandemic.

According to him, the industry recorded a 40 percent increase in Profit After Tax in 2024, rising from GHS886 million to GHS1.24 billion, while commission income for intermediaries grew by 34 percent.

Sir Sam Jonah also commended the successful transition to IFRS 17 reporting standards and highlighted the impact of the Insurance Act, 2021 (Act 1061), describing both as major steps toward building a stronger and more inclusive industry.

“We have built something worth protecting,” he stated.

“The question is whether we have the courage to protect it.”

The business leader warned that global changes are rapidly transforming the insurance landscape, citing climate change, technological disruption, and geopolitical uncertainty as key forces.

He noted that rising natural disasters and climate risks are already affecting Africa, including Ghana, particularly in agriculture and coastal communities.

He also stressed the growing influence of artificial intelligence, parametric insurance, and embedded insurance systems, urging Ghanaian firms to embrace digital transformation or risk falling behind.

Turning to domestic issues, Sir Sam Jonah pointed to the lingering effects of Ghana’s Domestic Debt Exchange Programme (DDEP), which weakened the capital base of many insurance firms.

He also raised concerns about increasing competition and the risk of unethical practices such as underpricing and poor underwriting discipline, warning that such behaviours could undermine the entire industry.

A major highlight of his address was a strong condemnation of political and socio-economic interference in insurance operations.

He described the practice of awarding insurance contracts based on political connections rather than merit as “deeply troubling,” noting that it leads to poor risk assessment, inflated premiums, and unpaid claims that ultimately burden taxpayers.

“Insurance that cannot pay its claims is not insurance. It is a promise written on water,” he emphasised.

Sir Sam Jonah called on IBAG to enforce its code of ethics strictly and ensure that members who engage in misconduct face real consequences.

Looking ahead, he outlined key priorities for the industry: Continuous investment in professional training and capacity building

Adoption of digital tools and data-driven solutions

Expansion into underserved markets such as agriculture and microinsurance

Strong collaboration with regulators

Firm commitment to ethical standards and transparency

He concluded by urging industry players to rise to the occasion and build an insurance sector that earns public trust and global respect.

“Let us build an insurance industry that Ghana can trust, that Africa can learn from, and that the world can respect,” he said.