CIC Insurance Group has introduced CIC Impact, a new microinsurance subsidiary focused on delivering affordable insurance products to low- and middle-income Kenyans. The launch marks a strategic effort to deepen financial inclusion by targeting groups traditionally underserved by conventional insurance.

The subsidiary's offerings are designed to meet the needs of micro, small and medium enterprises (MSMEs), farmers, cooperatives, and informal sector workers, who constitute around 83% of Kenya's workforce. CIC Impact operates under the Insurance Regulatory Authority’s Microinsurance Regulations of 2020, which provide a framework for tailored insurance products for low-income populations.

Expanding Access to Insurance

Dr. Nelson Kuria, CIC Group Chairman, highlighted that while CIC has provided microinsurance solutions for over a decade, CIC Impact will allow for greater focus on innovation and product simplicity to reach more Kenyans. According to the Insurance Regulatory Authority, insurance penetration in Kenya remains low at 2.3%, mostly within the formal sector.

Patrick Nyaga, CIC Group Managing Director and CEO, emphasized that CIC Impact aims to bridge this gap by offering premiums starting below Ksh 3,000, making protection accessible to more individuals and businesses in the informal economy.

Strategic Partnership with CARD MBA

In conjunction with the launch, CIC signed a partnership agreement with the Philippines-based CARD Mutual Benefit Association (CARD MBA), leveraging global expertise in microinsurance to enhance product development, service delivery, and technology adoption.

Dr. Jaime Aristotle Alip, CARD MRI Founder and Chairman Emeritus, noted their shared mission to eradicate poverty through accessible insurance solutions, focusing on improving lives by reaching underserved communities.

Product Portfolio and Distribution

CIC Impact will provide a variety of insurance products including:

  • Operational risk coverage for MSMEs
  • Group funeral insurance
  • Student personal accident policies
  • Pensions and personal accident insurance for boda boda riders, security guards, and blue-collar workers
  • Medical coverage for registered groups
  • Daily cash benefits during hospitalization
  • Agriculture and livestock insurance

These products will be distributed via digital platforms and trusted partners such as SACCOs, traders, and employers, which help reduce costs and improve accessibility for traditionally excluded populations.