By J, KNA
CIC Insurance Group Plc (CIC) has recorded a growth in micro insurance policies from 11% in 2023 to 18% in 2024, underscoring an increasing trust and uptake of innovative micro insurance 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.
Group Managing Director and CEO, Mr. Patrick Nyaga, emphasized 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 Coop Care, 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.
Other key highlights of the 2024 sustainability report were: the group launch of its six -year Sustainability Strategy (2025-2030) to guide Environmental, Social and Governance (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 micro insurance 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 Sh40 million 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 Dr. 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 Sh3.9 billion from Sh2.5 billion in 2023. Its total assets grew by 23% from Sh50.3 billion to Sh61.9 billion in 2024.
Total insurance claims paid out were Sh16.3 billion, reflecting its commitment to catalysing economic development by supporting individual households and societies to build resilient enterprises through insurance and financial investment.