CIC Insurance Group Plc has reported a notable growth in its microinsurance policies, rising from 11 per cent in 2023 to 18 per cent in 2024.
The increase highlights a growing trust and uptake of innovative microinsurance solutions among underserved communities.
The figures were unveiled in the Group’s 2024 Sustainability Report, which outlines CIC’s commitment to making insurance accessible and inclusive for low-income earners, informal businesses, and other underserved groups.
Speaking on the milestone, Group Managing Director and CEO Patrick Nyaga said, “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.”
The growth in microinsurance was supported by CoopCare, an affordable health cover for cooperative members. CoopCare gained global recognition in 2024 through the UNDP-ICMIF Insurance Innovation Challenge Fund, positioning CIC Insurance Group as a leader in innovation and social impact.
The 2024 Sustainability Report also highlighted other achievements by the Group. CIC launched its six-year Sustainability Strategy to guide environmental, social, and governance integration across all functions, aiming to promote long-term value and accountability.
In Malawi, the health microinsurance product Abwenzi recorded a 175 per cent increase in the number of individuals covered and a 236 per cent rise in premium uptake.
The Group also strengthened gender representation in leadership, increasing female representation on the Board of Management from 18 per cent to 29 per cent. CIC’s agriculture insurance protected over 56,700 farmers across Kenya, Uganda, and Malawi, paying claims to more than 2,000 farmers, thereby reinforcing rural resilience and food security.
Ksh 40 million staff development
Capacity building remained a priority, with over 5,000 cooperative board members and 50,000 sector members receiving training to enhance transparency and efficiency in their institutions.
The Group invested Ksh 40 million in staff development and partnered with UN Women by signing on to the Women’s Empowerment Principles, advancing diversity, equity, and inclusion across the organisation.
CIC Group Chairman Nelson Kuria said, “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.”
The Group’s 2024 performance demonstrated that purpose and profit can go hand in hand. Profit before tax grew by 57 per cent, rising from Ksh 2.5 billion in 2023 to Ksh 3.9 billion in 2024. Total assets increased by 23 per cent, from Ksh 50.3 billion to Ksh 61.9 billion, while insurance claims paid out reached Ksh 16.3 billion.
These results underscore CIC’s commitment to supporting households and communities in building resilient enterprises through insurance and financial investment.
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