CIC Launches Microinsurance Subsidiary to Expand Affordable Cover

By Maurice Momanyi

CIC Insurance Group has unveiled a new microinsurance subsidiary, CIC Impact, in a move aimed at increasing insurance access for millions of low- and middle-income Kenyans, particularly those working in the informal sector.
The company said the new subsidiary will focus on providing affordable insurance products tailored for micro, small and medium-sized enterprises (MSMEs), farmers, cooperatives and other underserved groups. The initiative is intended to bridge Kenya’s low insurance penetration, which currently stands at 2.3 percent, with most policyholders coming from the formal sector.
Speaking during the launch in Nairobi, CIC Group Chairman Dr. Nelson Kuria said the insurer had offered microinsurance products for more than a decade, but the establishment of CIC Impact would enable the company to develop simpler and more innovative products while expanding its reach to the informal sector, which employs an estimated 83 percent of Kenyans.
Group Managing Director and Chief Executive Officer Patrick Nyaga said the new subsidiary would offer annual insurance premiums starting below KSh3,000, making cover more affordable for households and small businesses.
He added that demand for microinsurance has grown significantly, with CIC’s microinsurance premiums rising from KSh131 million in 2020 to a cumulative KSh1.2 billion by the first half of 2026, an indication of increasing public confidence in affordable insurance products.
As part of the launch, CIC also signed a partnership agreement with the Philippines-based CARD Mutual Benefit Association (CARD MBA), which will provide technical expertise and share international best practices in delivering insurance services to low-income communities.
CARD MRI Founder and Chairman Emeritus Dr. Jaime Aristotle Alip said the collaboration seeks to strengthen products, improve service delivery, build staff capacity and leverage technology to reach more people with simple and affordable insurance solutions.
Under CIC Impact, customers will have access to products covering MSMEs against operational risks, funeral expenses, student personal accidents, pensions, boda boda riders, security guards, blue-collar workers, medical cover for registered groups, hospital cash benefits, as well as agriculture and livestock insurance.
The company said the products will largely be distributed through digital platforms and trusted partners such as SACCOs, employers and mobile channels to lower operating costs and improve accessibility.