CIC Insurance Group Plc (CIC) has reported a substantial surge in its microinsurance policies, with the proportion of these policies growing from 11% in 2023 to 18% in 2024. This growth, highlighted in the company’s 2024 Sustainability Report, signals a rising uptake of microinsurance solutions among previously underserved communities and informal businesses.
Mr. Patrick Nyaga, Group Managing Director and CEO, stated that this milestone reflects a growing trust in the company’s offerings and demonstrates that financial protection is attainable for all. “Our microinsurance offering is designed to push the frontiers of inclusion and accessibility in insurance coverage, driving resilience and dignity,” Nyaga said.
A key driver of this success was CoopCare, an affordable health plan for cooperative members, which was recognized globally by the UNDP-ICMIF Insurance Innovation Challenge Fund in 2024. This recognition solidified CIC’s position as a leader in innovation with a strong social impact.
Additional Highlights from the 2024 Sustainability Report include:
- Sustainability Strategy: CIC launched its six-year Sustainability Strategy (2025-2030) to integrate ESG (Environmental, Social, and Governance) principles across all its functions.
- Abwenzi Product Growth: In Malawi, the Abwenzi health microinsurance product saw a 175% increase in individuals covered and a 236% rise in premiums.
- Gender Equality: The company increased female representation on its Board of Management from 18% to 29% in 2024.
- Agricultural Support: CIC’s agriculture insurance protected over 56,700 farmers across Kenya, Uganda, and Malawi, paying claims to more than 2,000 farmers.
- Capacity Building: The Group invested KShs 40 million in staff development and provided training to over 5,000 cooperative board members and 50,000 sector members.
Dr. Nelson Kuria, CIC Group Chairman, emphasized the company’s commitment to its cooperative values. “We will strengthen transparent governance, deepen partnerships, support climate action, and deliver sustainable, inclusive insurance that advances ESG and 2030 sustainability goals,” he stated.
The report also showed that the company’s social impact went hand-in-hand with strong financial performance. CIC reported a 57% growth in profit before tax to KShs 3.9 billion and a 23% growth in total assets to KShs 61.9 billion. The company paid out KShs 16.3 billion in total insurance claims, demonstrating its commitment to supporting individuals and businesses.
Check out the full report HERE