CIC Insurance Group: Championing the Cooperative Spirit for a More Inclusive and Sustainable Society #AD

This theme allows the world to reflect on the role that cooperatives play in providing inclusive growth to our communities and their contribution to sustainable development through their initiatives and interventions.

The story of cooperatives in Kenya and Africa is anchored on the spirit of resilience, innovation, and community.

These are pillars that CIC Insurance Group has committed to in its endeavour to strengthen the cooperative movement, and are embodied in the brand promise, “We keep our word”.

More than an insurer, CIC is, first and foremost, a national cooperative institution that has grown as part of Kenya’s cooperative sector for over five decades.

Its DNA is rooted in the very values that define cooperatives: mutual support, shared prosperity, and inclusive development.

CIC's journey began in 1968 as an insurance agency under the Kenya National Federation of Co-operatives (KNFC). It was established to respond to the insurance needs of cooperative societies, which were then marginalised by conventional financial service providers.

Recognising the potential of the cooperative model to drive economic inclusion, CIC was incorporated as the Co-operative Insurance Services Ltd (CIS) in 1978.

By 1999, it had evolved into the Co-operative Insurance of Kenya Ltd, before rebranding to CIC Insurance Group Limited in 2010 to reflect its broader role and regional ambitions. To reflect its comprehensive financial services offering, which includes insurance and investment services.

As one of the National Cooperative Organisations, CIC plays a pivotal role in shaping Kenya’s cooperative landscape.

Through active membership in the Cooperative Alliance of Kenya (CAK), CIC contributes to the development of policies that safeguard and strengthen cooperatives.

Its policy advocacy, informed by years of experience working with cooperative members across the country, ensures that regulations reflect the real-world needs of cooperatives, especially in areas like insurance access, financial literacy, and enterprise development.

In a country with over 25,000 cooperatives and over 14 million members, ensuring that these societies serve the needs of members, especially those in the rural and informal economies, cannot be overstated.

Regional and Global Engagement

CIC’s influence extends beyond Kenya. As a member of the International Cooperative and Mutual Insurance Federation (ICMIF) and the International Cooperative Alliance (ICA ), the Group collaborates with cooperatives across Africa and the globe.

These networks enable cross-border knowledge sharing, technical support, and innovation in service delivery. For grassroots cooperatives, this means they benefit from globally informed, locally delivered solutions, which bridge the gap between community-level challenges and global best practices.

Growing cooperatives through tailored solutions

Understanding that many cooperative members, especially in rural areas, operate on modest and fluctuating incomes, CIC has invested in innovative, tailored solutions that are affordable and flexible compared to traditional insurance.

An example is CIC’s microinsurance solutions, which are designed with simplicity, affordability, and accessibility in mind.

For instance, CoopCare Health Insurance ensures that cooperative members can access a specialised comprehensive medical cover tailored for inpatient and outpatient services.

This solution prevents cooperative members from being driven into poverty through medical expenses, which often become a burden, causing families to incur debt while pursuing funds to finance medical treatment.

Our focus on extending quality healthcare has led to the establishment of CIC Pharmacy, a Kenyan subsidiary set up to provide affordable and convenient services through well-priced medication.

This new addition is expected to lower the cost of healthcare to cooperative members, especially the vulnerable in our society.

Funeral or last expense policies provide much-needed financial relief during times of bereavement.

In many Kenyan communities, funerals can place a heavy financial burden on families, often requiring members to take out loans or deplete savings.

By offering a modest, low-premium insurance cover, cooperative members can avoid financial distress while maintaining dignity in these difficult moments.

In agriculture-focused cooperatives, crop and livestock insurance is especially important. Given that many cooperative members rely on farming and livestock for their livelihoods, these products protect them against losses from climate-related shocks such as droughts, floods, or disease outbreaks.

With this protection, farmers can recover faster and reinvest in their farms, contributing to food security and sustained income.

The Loan Guard cover ensures that SACCO members' loans are covered in case of unforeseen circumstances such as sudden death or permanent disability of the borrower.

It protects institutions from losses and guarantees financial stability in case of such eventualities.

The insurance cover also protects the bereaved family from the burden of paying debt when the provider suffers such an untimely death or permanent disability.

Further, recognising the transformative role of technology in how people access services today, CIC Insurance Group has strategically invested in digital platforms that enhance accessibility, convenience, and efficiency for its cooperative clients and individual customers.

The CIC Invest App, EasyBima App, and MediPal App have significantly simplified the insurance experience, allowing users to easily onboard themselves, access tailored financial and insurance products, and manage their accounts at their convenience, 24/7.

Additionally, the CIC website serves as a comprehensive self-service portal, offering users in-depth product information and support, further empowering cooperative members to make informed decisions and take control of their financial future.

This comprehensive investment has translated into customer trust and positive performance for the Group.

In 2024, CIC realised a Ksh.3.9 billion profit before tax, a 57 per cent growth from Ksh.2.5 billion reported in 2023, while total assets grew to Ksh61.9 billion, being a 23 per cent rise from 50.3 billion registered in 2023.

The financial strength underpins CIC's commitment to sustainability, articulated in its 2025–2030 strategy centred on four pillars: Environmental Stewardship, Social Responsibility, Economic Resilience, and Responsible Governance.

Finally, the Group is positioning itself for a future defined by innovation, inclusivity, and sustainability.

As part of its 2025 strategic focus, the company has established a Microinsurance Company in Kenya, started a medical business in Uganda, as well as expanded its asset management footprint through CIC Asset Management (CICAM) Uganda, which are key moves to broaden access to affordable financial solutions across the region.

As CIC Group looks to the future, its commitment to supporting cooperatives aligns seamlessly with the global vision of using collective strength to build more resilient, sustainable societies.