CIC Insurance Group PLC (CIC) says it had a landmark year of inclusive growth and sustainability impact across Kenya, Uganda, South Sudan, and Malawi, as it unveiled its 2024 Sustainability Report themed Driving Financial Inclusion, Creating Sustainable Impact.
Microinsurance Uptake Surges as Trust Deepens
CIC recorded a significant rise in microinsurance policies—from 11% in 2023 to 18% in 2024—highlighting growing trust and uptake among underserved segments, including low-income earners and informal businesses.
“Our microinsurance offering is designed to push the frontiers of inclusion and accessibility in insurance coverage, driving resilience and dignity,” said Group Managing Director & CEO, Mr. Patrick Nyaga. “The growth recorded reflects trust by our customers and a strong signal that financial protection is possible at every level and scale.”
This growth was driven by flagship innovations such as Co-opCare, an affordable health cover for cooperative members, which earned global recognition through the UNDP-ICMIF Insurance Innovation Challenge Fund, positioning CIC as a continental leader in insurance innovation and social impact.
Sustainability Strategy Anchors Long-Term ESG Integration
In 2024, CIC launched its six-year Sustainability Strategy (2025–2030) to embed environmental, social, and governance (ESG) principles across all operations. The strategy sets ambitious targets, including a 30% reduction in GHG emissions, 25% landfill waste reduction, and improved gender balance and employee engagement.
“As a leading cooperative insurer, we are turning our values of democracy, equity, and social responsibility into action,” said Group Chairman Dr. Nelson Kuria.
“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.”
Climate Resilience and Rural Empowerment
CIC’s agricultural insurance protected over 56,700 farmers across Kenya, Uganda, and Malawi in 2024, with KShs 181 million paid in claims to 2,749 farmers, reinforcing rural resilience and food security amid rising climate risks.
In Malawi, the Abwenzi health microinsurance product saw a 175% increase in individuals covered and a 236% rise in premium uptake, reflecting its growing relevance among rural women and low-income households.
Advancing Gender Equality and Cooperative Capacity
CIC increased female representation in its Board of Management from 18% to 29% and signed on to the UN Women’s Empowerment Principles (WEPs), advancing its diversity, equity, and inclusion (DEI) agenda across organisational levels.
The Group also trained over 5,000 cooperative board members and reached 50,000 sector members, strengthening governance, transparency, and member-centric leadership in grassroots institutions.
Investing in People and Performance
CIC invested KShs 40 million in staff development, delivering 10,642 hours of training and achieving a 67% employee satisfaction score. These efforts reflect CIC’s commitment to building a future-ready, inclusive workforce.
Financial Performance: Purpose Meets Profit
CIC’s financial results underscore the synergy between impact and profitability:
- Profit Before Tax rose by 57% to KShs 3.9 billion
- Total Assets grew by 23% to KShs 61.9 billion
- Insurance claims paid totalled KShs 16.3 billion, supporting households and enterprises to recover and thrive.
