CIC Insurance Group Plc (CIC) has noted a growth in microinsurance policies from 11% in 2023 to 18% in 2024, underscoring an increasing trust and uptake of innovative microinsurance solutions among underserved segments.
Unveiled in the 2024 CIC Sustainability Report, the growth underscores the Group’s commitment to enhancing inclusive and accessible insurance for underserved groups, low-income earners, and informal businesses.
CIC group managing director and CEO Patrick Nyaga emphasised the significance of the milestone, saying: “Our micro insurance 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.”
Contributing to this growth was CoopCare, an affordable health cover for cooperative members, which earned global recognition in 2024 through the UNDP-ICMIF Insurance Innovation Challenge Fund, positioning CIC Insurance Group as a leader in innovation and social impact.
See compressed report.
Other key highlights of the 2024 sustainability report were:
- The Group launched its six -year Sustainability Strategy (2025-2030) to guide ESG integration across all functions and promoting long term value and accountability.
- The Group registered a 175% increase in the number of individuals covered and a 236% rise in the uptake of premiums in 2024 for Abwenzi, a health microinsurance product from CIC Life Malawi.
- An increase in female representation in the Board of Management from 18% to 29% in 2024, reflecting the Group’s continued commitment to gender equality in leadership.
- In 2024, CIC’s agriculture insurance protected over 56,700 farmers across Kenya, Uganda, and Malawi, paying claims to over 2,000 farmers, reinforcing rural resilience and food security.
- Over 5,000 cooperative board members and 50,000 sector members were trained, strengthening their capacity to build transparent, efficient, and member-focused institutions that drive grassroots development.
- Emphasis on capacity building by investing KES40M on staff development.
- CIC Group partnered and signed on to the UN Women’s Principles (WEPs) in 2024 advancing its diversity, equity and inclusion (DEI) agenda across the organizational levels.
CIC Group chairman Nelson Kuria added: “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.”
CIC’s 2024 performance also demonstrated that purpose and profit can go hand in hand. The Group reported a 57% growth in profit before tax to KES3.9 billion from KES2.5 billion in 2023. Its total assets grew by 23% from KES50.3 billion to KES61.9 billion in 2024. Total insurance claims paid out were KES16.3 billion, reflecting its commitment to catalysing economic development by supporting individual households and societies to build resilient enterprises through insurance and financial investment.
The CIC Group has for five decades shouldered the risks of many Kenyans by providing insurance and financial services built around their needs. CIC Group is a premier Co-operative insurer in Africa, delivering insurance and investment services across Kenya, Uganda, South Sudan and Malawi.
With a footprint comprising of 37 branches and over 7,000 intermediaries, CIC Group ranks among the most successful insurance companies in Kenya. The company provides a diverse portfolio of products and services in asset management, general insurance, life assurance, medical insurance, and micro insurance.
