CIC Insurance Group Plc (CIC) has reported a significant rise in microinsurance policy uptake, with the proportion of microbusiness policies increasing from 11% in 2023 to 18% in 2024. The milestone underscores growing trust in affordable insurance solutions among underserved communities, low-income earners, and informal sector businesses.
The growth was highlighted in CIC’s newly released 2024 Sustainability Report, positioning the Group as a leading driver of inclusive insurance in the region.
Empowering Communities Through Affordable Cover
Group Managing Director and CEO, Mr. Patrick Nyaga, noted that the uptake reflects both product innovation and consumer confidence:
“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.”
Key to this performance was CoopCare, an affordable health insurance cover for cooperative members, which earned global recognition in 2024 by winning the UNDP–ICMIF Insurance Innovation Challenge Fund. The win positioned CIC Insurance Group as a leader in innovation and social impact within the global cooperative insurance movement.
Sustainability and Social Impact at the Core
In 2024, CIC launched its six-year Sustainability Strategy (2025–2030), aimed at embedding Environmental, Social, and Governance (ESG) principles into every aspect of its operations. The strategy reflects the Group’s vision for long-term value creation and accountability.
Additional milestones from the sustainability report include:
175% increase in individuals covered and 236% growth in premium uptake for Abwenzi, a health microinsurance product from CIC Life Malawi.
- Increased female representation in the Board of Management from 18% to 29%, advancing gender equality in leadership.
- Agriculture insurance coverage extended to over 56,700 farmers in Kenya, Uganda, and Malawi, with claims paid to over 2,000 farmers, boosting rural resilience and food security.
- Training for 5,000 cooperative board members and 50,000 sector members, strengthening governance, efficiency, and member-focused service delivery.
- KShs 40 million invested in staff capacity building.
- Signing of the UN Women’s Principles (WEPs) to advance diversity, equity, and inclusion (DEI) across all organizational levels.
Balancing Purpose with Profit
CIC Group’s 2024 financial performance proved that profitability and purpose can go hand in hand. The Group posted a 57% growth in profit before tax to KShs 3.9 billion (up from KShs 2.5 billion in 2023). Total assets grew by 23% to KShs 61.9 billion, while total claims paid reached KShs 16.3 billion, reflecting its deep commitment to supporting households and enterprises in building economic resilience.
Group Chairman, Dr. Nelson Kuria, reinforced the company’s long-term vision:
“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.”
