CIC launches microinsurance subsidiary to expand affordable cover for informal sector
CIC Insurance Group has launched a dedicated microinsurance subsidiary, CIC Impact, as it seeks to expand access to affordable insurance products for low- and middle-income earners, micro, small and medium-sized enterprises (MSMEs), farmers and cooperatives.
The new subsidiary will provide simplified insurance products aimed at improving financial inclusion and strengthening the financial resilience of underserved communities across the country.
CIC Insurance Group Chairman Dr. Nelson Kuria said the insurer has offered microinsurance products for more than a decade, but the establishment of a dedicated subsidiary will enable it to develop more innovative solutions and reach a wider customer base.
“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 enables customers to access insurance protection through affordable premiums by pooling contributions from a large number of policyholders to cover specific risks.
CIC said the products will be distributed through digital platforms and partner networks, including SACCOs, employers, traders and mobile channels, to improve accessibility while reducing distribution costs.
The insurer will offer a wide range of products, including insurance for MSMEs against business risks, group funeral cover, student personal accident insurance, pension plans, personal accident cover for boda boda riders, security guards and other blue-collar workers, medical insurance for registered groups, daily hospital cash benefits, as well as agriculture and livestock insurance.
CIC Insurance Group Managing Director and Chief Executive Officer Patrick Nyaga said the new subsidiary is expected to increase insurance penetration among groups that have traditionally had limited access to insurance services.
“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.”
Nyaga added that the group’s microinsurance business has recorded strong growth in recent years, with cumulative premiums increasing from Sh131 million in 2020 to Sh1.2 billion by the first half of 2026, reflecting growing demand for affordable insurance products.