In a groundbreaking move, CIC Insurance Group, one of Africa’s leading cooperative insurers, has published its first sustainability report. This report underlines CIC’s ongoing commitment to sustainable insurance practices, including goals for climate resilience, economic inclusivity, and community-driven initiatives. By detailing CIC’s ambitions and actions to meet pressing environmental, social, and governance (ESG) objectives, the report serves as a clear blueprint for how financial services can contribute to a more sustainable future in Kenya and beyond.
The report, which is part of CIC’s strategic sustainability roadmap, sets ambitious goals for 2030, including increasing microinsurance policies to account for 25% of their portfolio, achieving gender balance across its workforce, and enhancing social investments that benefit local communities.
Sustainability Anchored in Cooperative Values
At the launch event, Patrick Nyaga, Group Managing Director and CEO of CIC Insurance Group, emphasized that the Group’s sustainability objectives align closely with cooperative principles. “Our sustainability strategy is deeply rooted in the cooperative values that shape who we are as an organization,” Nyaga stated. He pointed out that CIC aims to provide resilient, affordable risk management solutions, particularly for cooperatives, which make up a significant portion of their clientele.
The report underscores CIC’s dedication to supporting customers in managing emerging risks, such as climate change, while innovating products tailored to diverse needs. Notably, CIC has set a goal to increase the share of microinsurance policies to 25% by 2030, a target designed to make insurance accessible to underserved and at-risk communities, ensuring they can access risk management tools crucial to their financial stability.
CIC’s Commitment to Global Sustainability Initiatives
As a member of the United Nations Global Compact (UNGC) Network Kenya and a signatory of the Nairobi Declaration on Sustainable Insurance (NDSI), CIC has aligned its operations with international standards for sustainable development. These commitments hold the Group accountable for continuously improving their social, environmental, and governance practices, from energy-saving technologies to gender equity goals.
CIC Group has already invested in eco-friendly technologies, replacing desktop computers with energy-efficient laptops and retrofitting office lighting to reduce power consumption. Additionally, the company has implemented a solar-powered water pump at its Ushirika Gardens project, reflecting its investment in renewable energy.
Empowering Cooperatives with Financial Literacy and Digital Tools
CIC’s sustainability initiatives extend beyond product offerings to include capacity building within the cooperative sector. Dr. Nelson Kuria, CIC Group’s Chairman, shared that the Group facilitated 40 training sessions for senior management and board members of cooperatives, covering topics like risk management, digital lending, financial wellness, and cybersecurity.
These training sessions are part of a broader effort to strengthen the cooperative movement by equipping its leaders with tools for resilience and adaptability, especially in a digital-first economy. CIC’s programs have empowered cooperative leaders to make informed decisions and better manage their risk exposure, ultimately creating a stronger foundation for Kenya’s economic resilience.
Addressing Climate Change Through Agricultural Insurance
Kenya’s agricultural sector, a major economic pillar, is highly vulnerable to climate-related risks like drought and erratic rainfall patterns. CIC has expanded its agricultural insurance offerings to protect farmers against weather-induced losses. Mr. Nyaga highlighted CIC’s dedication to supporting agricultural clients: “CIC Group has continued to insure agriculture, growing premiums significantly and keeping our word by paying claims, thereby derisking farmers on losses suffered due to adverse weather events.”
Through prompt claim settlements, CIC has demonstrated that it is a dependable partner for Kenyan farmers, providing much-needed financial relief when they face crop failure and other weather-related challenges. This approach not only helps individual farmers but also stabilizes the agricultural sector, which supports a significant portion of Kenya’s population.
Tailored Social Impact Products for Diverse Communities
In its pursuit of inclusive insurance, CIC has developed specialized insurance products targeting distinct demographics and needs across East Africa. These products include:
- Co-opcare – A medical cover specifically designed for cooperative members and their affiliates, available with a minimum membership of 10 principal members.
- Kameeza (Uganda) – A low-cost funeral expense cover tailored to the policyholder and their immediate family.
- Abwenzi (Malawi) – A health insurance product catering to women and their families, addressing a vital need for accessible healthcare in Malawi.
- Seniors Mediplan (Kenya) – A unique health insurance offering for senior citizens over 60 years, which imposes no age limit on continued coverage once a policy is purchased.
These social impact products demonstrate CIC’s recognition of unique market needs in the region. By tailoring offerings to different countries and communities, CIC has created a model for inclusive insurance that is sensitive to local socio-economic conditions.
2030 Sustainability Goals: A Roadmap for a Better Future
CIC Group’s sustainability journey is guided by a comprehensive 2025–2030 strategy built around four key pillars:
- Environmental Stewardship – Aiming to reduce greenhouse gas emissions by 30% and lower waste sent to landfills by 25%.
- Social Responsibility – This includes gender parity in the workforce, representation of Persons with Disabilities (PWDs) at a minimum of 1%, and supporting local entrepreneurship.
- Economic Resilience – Through microinsurance and other financial products, CIC aims to foster stability for individuals and communities.
- Responsible Governance – Strengthening governance structures that align with global best practices to build trust and transparency.
CIC’s goals reflect its commitment to meaningful, measurable changes across its operations. For instance, the company aims to improve its employee engagement index and enhance customer satisfaction to reach a 90% approval rate by 2030. The report also highlights CIC Foundation’s plans to encourage community development and foster sustainable practices in areas of operation.
Expanding Reach Through Regional Presence and Community Investment
With a presence in Kenya, Uganda, Malawi, and South Sudan, CIC Group has a regional footprint that enables it to deliver impactful community programs across East Africa. The Group’s CIC Foundation, a key arm for social impact, is actively involved in supporting local entrepreneurship and community development, reinforcing its commitment to economic inclusion.
CIC’s sustainability report also highlights its intent to increase revenue allocation to social investment, with a focus on uplifting local communities and providing essential services. By strengthening financial literacy, supporting affordable insurance, and engaging in environmental preservation, CIC is fostering a holistic approach to corporate social responsibility.
Financial Strength: A Solid Foundation for Growth
CIC Group has earned a strong reputation within Kenya’s insurance sector, with over 19,000 shareholders, a capital base of Ksh 2.8 billion, and more than 1.3 million clients. As one of Kenya’s top insurance companies, CIC has a proven track record of stability and growth, which positions it as a leader capable of advancing sustainability in insurance.
This solid financial foundation not only ensures that CIC can meet its clients’ claims and needs but also allows the company to invest strategically in new markets, technology, and sustainable practices.
CIC’s Sustainability Strategy: Paving the Way for Responsible Insurance in Africa
CIC Insurance Group’s sustainability report lays the groundwork for a forward-thinking, community-centered approach to insurance that prioritizes resilience and inclusivity. By setting clear targets and aligning with global sustainability initiatives, CIC is working towards a future where insurance solutions are accessible, equitable, and tailored to the unique challenges facing African communities.
As CIC continues to make strides in gender equity, environmental conservation, and community investment, it exemplifies a new era of responsible insurance. The Group’s unwavering dedication to these sustainability goals is reshaping the landscape of financial services in Kenya and setting a benchmark for other industry players.
Moving Forward: A Shared Vision for a Resilient Future
The inaugural sustainability report is more than a document; it is CIC’s vision for a resilient and inclusive future. Through continued collaboration with cooperatives, communities, and global partners, CIC aims to create lasting impact in East Africa and serve as a model for sustainable insurance. This journey, guided by CIC’s four sustainability pillars, reflects a deep commitment to not only address current challenges but also anticipate and prepare for future risks.
In the coming years, CIC’s efforts to build a strong, resilient insurance sector will likely have a significant ripple effect, empowering individuals, communities, and businesses across Kenya and beyond.
