CIC’s new microinsurance subsidiary to offer affordable insurance solutions to Kenyans
CIC Insurance Group has launched a new subsidiary, CIC Impact, to provide affordable microinsurance solutions to low- and middle-income Kenyans. The initiative aims to increase financial inclusion for the informal sector, which currently lacks access to traditional insurance products.
Why it matters
Expanding insurance access to the informal sector is a critical step in improving economic resilience and financial security for underserved populations in developing economies.
Through the new subsidiary, the insurer will offer a portfolio of accessible microinsurance solutions tailored for low- and middle-income earners, micro, small and medium enterprises (MSMEs), farmers and cooperatives, reinforcing its commitment to deepening financial inclusion and strengthening economic resilience.
The subsidiary is governed by the Insurance Regulatory Authority’s Microinsurance Regulations of 2020, which stipulate a framework for insurers to offer products tailored to low-income and underserved customers.
“We are happy to launch CIC Impact because it responds to sector advancements. 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. Its main goal is to reach the informal sector, which currently employs about 83% of Kenyans, and who are primarily not covered by traditional insurance,” said Dr Nelson Kuria, Group Chairman, CIC Insurance Group.
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