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CIC Insurance Group

 

CIC Insurance Group was founded in 1978 as the Co-operative Insurance Company of Kenya. It is the only co-operative insurance company  in Africa, wholly owned by about 1,500 co-operative societies and about 5,000 individual co-operative members. CIC has grown to become the third largest insurance company in Kenya, with 1.3 million clients and a capital base of 11.1 billion Kenyan shillings (130 million US dollars).

 

CIC’s specialty is insurances and other financial services for the low-income market segment and co-operative sector in Kenya. CIC calls it “micro insurance”. CIC offers a wide range of products such as life insurance, general insurance, medical insurance and pension plans. CIC Insurance Group has three subsidiaries – CIC Life Assurance, CIC General Insurance and CIC Asset Management.

 

To reach the low-income market, CIC is working with mobile phone platforms so that clients can make payments of as little as 20 Kenyan shillings (0.24 US dollar) through their cell phones (contrary to landline phones, most Kenyans have a cell phone).

 

CIC is now planning to expand across Kenya’s borders to Tanzania, Sudan, Rwanda and Malawi.

CIC is a member of the International Co-operative Alliance (ICA) and the International Co-operative & Mutual Insurance Federation (ICMIF).

 

CIC donates a part of its earnings to social, development and environmental projects in Kenya through the CIC Foundation.

 

 
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Properties

Type of initiative Company
Field of work Financial services
Date of commencement 1978
Founder(s) A group of people from the Kenya National Federation of Co-operatives (KNFC)
Legal form Private Limited Company
Continent Africa
Country Kenya
City Nairobi
One or several keywords that describe your initiative co-operative, co-operative insurance company, micro insurance
Publications
More information
 

Contact person(s)

Michael Mugo Ė Asst. General Manager, Corporate Affairs and Communication

 

Contact information

Name CIC Insurance Group
Address CIC Plaza, Mara Road, Upper Hill
Zip/postal code
Place Nairobi
State/province
Country Kenya
Phone +254 20 28232000
E-mail callc@cic.co.ke
Website www.cic.co.ke

 

 

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