CIC Insurance Group Plc has reported a significant rise in microinsurance adoption, with policy penetration growing from 11% in 2023 to 18% in 2024. The jump, unveiled in the Group’s 2024 Sustainability Report, underscores increasing trust in affordable, innovative insurance solutions among underserved and low-income communities across its markets.
Group Managing Director and CEO, Patrick Nyaga, attributed the growth to targeted product innovation, noting:
“Our microinsurance offering is designed to push the frontiers of inclusion and accessibility in insurance coverage, driving resilience and dignity. The growth recorded reflects trust by our customers and a strong signal that financial protection is possible at every level and scale.”
Product Innovation and Global Recognition
A key driver of the surge was CoopCare, an affordable health cover for cooperative members, which earned global recognition through the 2024 UNDP-ICMIF Insurance Innovation Challenge Fund. The accolade positioned CIC as a leading innovator in microinsurance with strong social impact credentials.
In Malawi, the Group’s health microinsurance product Abwenzi recorded a 175% increase in individuals covered and a 236% rise in premium uptake in 2024, highlighting strong demand for low-cost health coverage in underserved markets.
ESG Integration and Sustainability Milestones
The 2024 report also highlighted CIC’s launch of a six-year Sustainability Strategy (2025–2030) to guide ESG integration, enhance governance, and drive long-term value creation.
Key milestones included:
- Gender inclusion: Female representation in the Board of Management rose from 18% to 29%.
- Agriculture insurance expansion: Cover extended to over 56,700 farmers across Kenya, Uganda, and Malawi, with more than 2,000 receiving payouts to bolster rural resilience and food security.
- Capacity building: Over 5,000 cooperative board members and 50,000 sector members trained to strengthen grassroots governance and institutional efficiency.
- Staff development: KShs 40 million invested in employee training.
- DEI leadership: CIC signed onto the UN Women’s Empowerment Principles (WEPs) to accelerate diversity and equity initiatives.
Strong Financial Performance
CIC’s financial results reflected the balance of social impact and profitability, with profit before tax rising 57% to KShs 3.9 billion in 2024, up from KShs 2.5 billion in 2023. Total assets grew by 23% to KShs 61.9 billion, while insurance claims paid reached KShs 16.3 billion, underlining its role in supporting households and enterprises through financial protection.
Group Chairman Dr. Nelson Kuria reaffirmed the Group’s strategic direction, stating:
“As a leading cooperative insurer, we are turning our values of democracy, equity, and social responsibility into action. In 2025 and beyond, we will strengthen transparent governance, deepen partnerships, support climate action, and deliver sustainable, inclusive insurance that advances ESG and 2030 sustainability goals, extending protection to millions more.”
With rising policy uptake, global recognition for product innovation, and a solid financial footing, CIC is positioning itself as a regional leader in sustainable and inclusive insurance solutions.
