CIC Insurance Group Plc has reported a notable increase in microinsurance penetration, with policies rising from 11% in 2023 to 18% in 2024.
The growth, unveiled in the Group’s 2024 Sustainability Report, reflects increasing trust in innovative insurance solutions targeting underserved groups, low-income earners, and informal businesses.
Group Managing Director and CEO Patrick Nyaga said the milestone underscored the insurer’s commitment to financial inclusion.
“Our microinsurance offering is designed to push the frontiers of inclusion and accessibility in insurance coverage, driving resilience and dignity,” Nyaga said.
The growth was boosted by CoopCare, an affordable health cover for cooperative members, which received global recognition in 2024 through the UNDP-ICMIF Insurance Innovation Challenge Fund.
Key sustainability milestones in 2024
The Sustainability Report also highlighted several achievements, including:
Launch of a six-year Sustainability Strategy (2025–2030) to guide ESG integration.
A 175% rise in individuals covered and a 236% increase in premiums for Abwenzi, CIC Life Malawi’s health microinsurance product.
Growth in female representation on the Board of Management from 18% to 29%.
Agriculture insurance coverage for over 56,700 farmers in Kenya, Uganda, and Malawi, with claims paid to more than 2,000 farmers.
Training for over 5,000 cooperative board members and 50,000 sector members.
KShs 40 million investment in staff development.
Signing of the UN Women’s Empowerment Principles to advance diversity, equity, and inclusion.
Leadership commitment to inclusive growth
CIC Group Chairman Dr. Nelson Kuria reaffirmed the insurer’s pledge to sustainability and inclusion.
“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,” he said.
Strong financial performance in 2024
The Group’s 2024 performance showed that purpose and profit can align. Profit before tax jumped 57% to KShs 3.9 billion from KShs 2.5 billion in 2023, while total assets expanded by 23% to KShs 61.9 billion.
CIC paid out KShs 16.3 billion in insurance claims, underscoring its role in cushioning households and enterprises, fostering resilience, and supporting economic development through insurance and financial investment.