CIC Insurance Reports Growth in Microinsurance Uptake as 2024 Profits Jump 57%
CIC Insurance Group Plc has announced a remarkable surge in its microinsurance uptake, contributing to a significant 57% increase in profit before tax to KShs 3.9 billion in 2024, up from KShs 2.5 billion in 2023. The growth in microinsurance penetration is a standout highlight in the Group’s latest Sustainability Report.
🔑 Key Takeaways
- CIC Insurance achieved a remarkable 57% profit increase to KShs 3.9 billion in 2024
- Microinsurance policies grew from 11% to 18% of total portfolio
- CoopCare health cover gained international recognition through UNDP-ICMIF Innovation Challenge
- Malawi’s health microinsurance saw 175% increase in coverage and 236% premium growth
- Total assets increased by 23% to KShs 61.9 billion
📋 Table of Contents
💬 Join Our Insurance Community
Stay updated with the latest insurance trends, news, and insights. Connect with fellow insurance enthusiasts and professionals in our exclusive WhatsApp group!
Join WhatsApp GroupMicroinsurance Growth & Financial Performance
The proportion of microbusiness policies grew from 11% in 2023 to 18% in 2024, reflecting increasing trust and affordability of insurance products among low-income earners, informal businesses, and underserved communities.
Key Products Driving Growth
A key product driving this growth is CoopCare, an affordable health cover for cooperative members, which has gained international recognition through the UNDP-ICMIF Insurance Innovation Challenge Fund.
Regional Market Expansion
In Malawi, CIC’s health microinsurance product Abwenzi recorded an impressive 175% increase in individuals covered and a 236% rise in premium uptake in 2024, showcasing the Group’s expanding footprint in regional markets.
Notable 2024 Achievements
Other notable achievements from CIC’s 2024 report include:
- Launch of a six-year Sustainability Strategy (2025–2030) to embed Environmental, Social, and Governance (ESG) principles across all operations
- Increase in female representation on the Board of Management from 18% to 29%
- Agricultural insurance coverage protecting over 56,700 farmers across Kenya, Uganda, and Malawi, with claims paid to more than 2,000 farmers
- Training over 5,000 cooperative board members and 50,000 sector members to enhance governance and transparency
- KShs 40 million investment in staff development
- Partnership with the UN Women’s Empowerment Principles to advance diversity, equity, and inclusion
📞 Get Your Insurance Quote Today
Sustainability Strategy
CIC Group Chairman Dr. Nelson Kuria emphasized the company’s commitment to turning values of democracy, equity, and social responsibility into impactful actions. The Group plans to deepen partnerships, drive climate action, and extend insurance coverage to millions more, aligning with ESG and UN sustainability goals.
Leadership Vision & Future Impact
The Group’s total assets increased by 23% to KShs 61.9 billion, while claims paid totaled KShs 16.3 billion in 2024, reflecting CIC’s critical role in fostering economic resilience and household stability.
CIC Insurance’s successful integration of financial performance with social impact underscores its leadership in inclusive insurance innovation and sustainable business practices in Kenya and the wider region.
