CIC Insurance Group has launched CIC Impact, a dedicated microinsurance subsidiary aimed at expanding access to affordable insurance products for underserved communities in Kenya as the insurer seeks to deepen financial inclusion and increase insurance uptake across the country.
The new subsidiary will provide low-cost insurance solutions tailored to the needs of low- and middle-income households, micro, small and medium-sized enterprises (MSMEs), farmers and cooperatives. According to the insurer, the initiative is intended to bridge the insurance gap by offering products that are accessible, affordable and relevant to groups that have historically had limited access to conventional insurance services.
Announcing the launch, CIC said the new business will focus on providing simplified insurance solutions that help individuals and businesses manage financial risks while supporting broader economic resilience.
“CIC Impact has been established to expand access to affordable microinsurance solutions for underserved communities and strengthen financial inclusion,” the company said during the launch.
The insurer noted that many Kenyans, particularly those working in the informal sector and small businesses, remain uninsured due to factors such as affordability, limited awareness and products that do not adequately address their needs. Through CIC Impact, the company intends to develop insurance products designed around the realities of these customer segments.
The portfolio is expected to include a range of microinsurance products covering key risks faced by households, entrepreneurs and agricultural producers. These may include health, life and personal accident cover, as well as insurance products for crops, livestock, small businesses and cooperative societies.
The launch comes at a time when Kenya’s insurance industry is pursuing new strategies to increase insurance penetration, which remains low compared to other segments of the financial services sector despite the country’s strong mobile money and digital finance ecosystem.
According to the Insurance Regulatory Authority (IRA), expanding inclusive insurance remains one of the sector’s priorities, with insurers encouraged to develop products that reach lower-income earners, rural communities and informal businesses. Microinsurance is viewed as a key tool for achieving this objective because it offers simplified, low-premium products tailored to the needs and incomes of underserved populations.
For farmers, affordable insurance can provide protection against losses arising from drought, floods, pests and other climate-related risks. For MSMEs, insurance offers financial support following events such as fire, theft, accidents or business interruptions, reducing the likelihood that a single unexpected incident will force a business to close.
The insurer said the establishment of CIC Impact reflects its long-term strategy of making insurance more accessible while supporting Kenya’s financial inclusion agenda. By creating a dedicated subsidiary focused exclusively on microinsurance, CIC expects to reach customer segments that have traditionally been excluded from mainstream insurance markets.
Industry analysts have noted that demand for affordable insurance products has grown steadily as more financial institutions invest in digital platforms capable of delivering low-cost services to a wider customer base. The increasing use of mobile technology is also expected to improve access to insurance products by simplifying enrolment, premium payments and claims processing.
With the launch of CIC Impact, CIC Insurance Group joins a growing number of insurers seeking to expand coverage beyond traditional corporate and high-income clients by developing products that respond to the needs of ordinary households, small businesses and agricultural communities.
The company says the subsidiary will continue rolling out products and partnerships aimed at increasing insurance access while supporting the financial security of millions of Kenyans who remain outside the formal insurance market.