CIC Insurance Group has established a microinsurance subsidiary that is dedicated to enhancing the availability of affordable insurance products for low- and middle-income earners, micro, small, and medium-sized enterprises (MSMEs), farmers, and cooperatives.
The new subsidiary, CIC Impact, will provide insurance products that are simplified and intended to enhance the resilience of underserved communities, thereby enhancing financial inclusion.
CIC Insurance Group Chairman Dr. Nelson Kuria said the company has offered microinsurance products for more than a decade, but the new subsidiary will enable it to focus on developing innovative products and reaching more Kenyans.
“While CIC has provided microinsurance solutions for more than 10 years, the new subsidiary gives the business dedicated focus to develop simpler, more innovative products and expand access to insurance for more Kenyans,” Kuria said.
“Its main goal is to reach the informal sector, which currently employs about 83 percent of Kenyans and remains largely underserved by traditional insurance.”
Microinsurance pools small premium contributions from many policyholders to protect against specific risks, making cover more affordable than conventional insurance.
CIC said the products will be distributed through digital platforms and partner networks, including SACCOs, employers, traders, and mobile channels, to improve accessibility while lowering distribution costs.
The insurer will offer products covering MSMEs against business risks, group funeral expenses, student personal accidents, pensions, personal accident cover for boda boda riders, security guards, and other blue-collar workers; medical cover for registered groups; daily hospital cash benefits; as well as agriculture and livestock insurance.
CIC Insurance Group Managing Director and CEO Patrick Nyaga said the new subsidiary is expected to broaden insurance uptake among underserved groups.
“Through CIC Impact, we are expanding access to insurance by offering affordable, accessible solutions tailored to underserved groups, particularly those in the informal sector,” Nyaga said.
“With annual premiums starting below Sh3,000, more Kenyans can protect their businesses, livelihoods and families.”
He added that CIC’s microinsurance business has grown significantly, with cumulative premiums rising from Sh131 million in 2020 to Sh1.2 billion by the first half of 2026, reflecting increased demand for affordable insurance products.
