CIC Insurance Group Limited, commonly referred to as CIC Group, is an insurance and investment group that operates mainly in Kenya, Uganda, South Sudan and Malawi. CIC Group has a network of branches and operational subsidiaries spread across the 4 countries.
CIC Insurance Group has been working for its clients since the seventies when itwas founded to meet the insurance needs of cooperative societies in Kenya. The group is currently constitutedas an asset management company, a general insurance company, and a life insurance company. The CIC general insurance company is the leading cooperative insurer in Kenya and has a client base of over 1.3 million.
The company was listed in the Nairobi Securities Exchange in 2012, and its shares are currently freely traded at the bourse. Listing at the NSE is a sign that the company is well managed and has the ability to meet the stringent requirements of the Capital Markets Authority (CMA) and the NSE.
CIC insurance was originally opened to cater for the insurance needs of cooperative societies in Kenya, alongside Cooperative Bank. The company went on to open its doors to the general public, but still offer unique products to meet the needs of cooperative societies in the country. The range of services offered by CIC Insurance include motor vehicle insurance (CIC motor commercial plus, CIC Lady Auto among others), academic plans (CIC Academia plan), and many more.
The company won the Annual Insurance Claims Settlement Award 2012 because of its outstanding claims settlement record. It has plans to expand its services to all the East African countries.
Overview of CIC General Insurance Limited
The group’s headquarters are located in CIC Plaza, Mara Road, Upperhill in Nairobi, Kenya. CIC Insurance Group is leading Micro and Co-operative insurance provider in Kenya with its subsidiaries involved in fund, Reits and Asset Management, general, Health and Group & Individual Life, pension and annuities. The Group expanded regionally to set its footprint in Uganda, South Sudan and Malawi in 2015.
History of CIC General Insurance Limited
The Group’s origins in Kenya date back to 1968 when it was a department within the Kenya National Federation of Co-operatives. In 1978, the department was registered and licensed as Co-operative Insurance Services Limited, a composite insurance company to write all classes of business with its target market, the cooperative movement.
In 1999, the company was changed to the Co-operative Insurance Company of Kenya Limited (CIC) and later to CIC Insurance Group Limited in 2010. This change was in preparation for the de-merger of its life and general business operations.
The Group made its debut on the Nairobi Securities Exchange (NSE) on 18 July 2012. This made it the 6th insurance company to be listed on the NSE and the 60th company to be listed on the NSE overall.
In 2014, CIC Group announced its intention to expand to Uganda, South Sudan, Tanzania, Rwanda and Malawi. In South Sudanese market, the Group plans to set up a greenfield operation in which it would hold 69 per cent of issued capital in a new local entity while the Cooperative Bank of South Sudan (a subsidiary of the Cooperative Bank of Kenya) would take up the remaining 31 per cent. This expansion would be pegged on the resolution of the South Sudanese Civil War. In Uganda, the Group aims to partner with the Uganda Cooperatives Savings and Credit Union to establish an insurance company in which CIC Insurance Group would own 40 per cent of the unit. CIC Group stated that in Malawi, it would start with a 70 per cent stake in a new subsidiary with the remaining being held by the Malawi Union of Savings and Credit Cooperative and the Farmers Union of Malawi (FUM).
According to the Insurance Regulatory Authority report released in September 2014, CIC Insurance was ranked third in market share with 9% of the market behind Jubilee Insurance and Britam, who controlled 11.9% and 11.2% respectively.
CIC Health Insurance Products
CIC also offers health insurance covers i.e CIC Medisure Corporate, CIC Medisure Family, and CIC Medipack Insurance.
CIC Medisure Corporate
CIC pays all medical needs for corporate groups arising from both illnesses and accidents.
CIC Medipack Insurance
Medipack is designed for SMEs. It caters for medical expenses incurred by the insured members and their dependents for either inpatient or outpatient cases. Medipack also caters for maternity, dental and optical expenses.
CIC Medisure Family
Policyholders and their dependents are insured against the risk of incurring medical expenses as a result of accidents or sickness.
The expenses covered include;
- Hospital bed accommodation charges (minus NHIF rebate amount)
- Pre-existing conditions are declared and accepted
- Diagnostics for member and spouse
- Major organ transplant procedures
- In-patient prescribed physiotherapy, chemotherapy, radiotherapy, nursing care, prescribed drugs/medicine, dressing and diagnostic tests.
- Non-accident maxillofacial and ophthalmologic, dental surgery subject to authorization
- Daycare surgery
- Resident mother/ doctors fee
The Policy Limits range from Ksh 300,000 to Ksh 5,000,000 and comes in six packages;
- 5,000,000 – CIC Prestige
- 3,500,000 -CIC Premier
- 2,000,000 – CIC Superior
- 1,000,000 – CIC Comprehensive
- 500,000 – CIC Standard
- 300,000 – CIC Essential
List of all CIC Insurance Life Insurance Products
For life insurance, they offer the following policies; CIC Bima Credo, CIC Academia Policy, Group Life Assurance, Keyman Policy, CIC Invest Plan Policy, Jikinge, CIC Jipange Pension Plan, CIC Family Protector Policy, The Board Members Insurance Plan, Annuity Plan, CIC Last Expense Plan, CIC Smart Saver Policy, Mepip and Loan Guard.
CIC Bima Credo
This is a last expense cover accessible once you purchase Safaricom prepaid airtime through till number 181818. The beneficiary is entitled to a maximum sum assured of KES 200,000 in case of death of the insured life and the sum assured grows cumulatively as one purchases airtime.
CIC Academia Policy
This policy safeguards your child’s educational future in the event of your unexpected death or disability.
Group Life Assurance
This policy ensures your employees’ families are secured in case of accidents or death. Dependents get compensated in the form of money that is usually a fixed amount or a multiple of your employee’s salary in the event of death.
This policy protects employees who hold key pillars of any business. The company gets compensation on whatever income they got in case death strikes thus no loss is incurred. Their dependants are also taken care of.
CIC Invest Plan Policy
This policy enables one to obtain a loan at 85% of the surrender value in the future. This applies to policyholders aged between 18 and 60 years have been active for over 3 years and are need of a loan. Optional benefits in the case of disability, critical illness, accidents and funeral expenses are available.
This policy covers your guards against accidents and death.
CIC Jipange Pension Plan
This policy guarantees contribution into a pension fund. The earnings on this fund will then generate income upon retirement.
CIC Family Protector Policy
This policy ensures the future of dependents is secured in the event of an untimely death of the family’s breadwinner.
The Board Members Insurance Plan
This type of policy insures board members since they hold key pillars in any company. Insuring board members under this cover provides a financial protection plan when they finally retire.
CIC Annuity Plan
This type of policy ensures that once you hit 50 you have guaranteed protection by receiving a secure income for life.
CIC Last Expense Plan
This policy provides financial relief in the time of loss which helps families deal with grief rather than worry about funeral expenses.
CIC Smart Saver Policy
It will ensure that you have money secured for future use i.e to meet any financial needs such as getting a home, going for a holiday or even buying a car.
This policy covers members of a SACCO between ages 18 and 75 years old with outstanding loans against death or total permanent disability.
This product ensures all loan balances are fully paid in case of death or permanent disability.
Subsidiaries and associated companies
The companies that comprise the CIC Insurance Group Limited include, but are not limited, to the following:
- CIC General Insurance Limited – Nairobi, Kenya – 100% Shareholding – The flagship company of the group. Offering general insurance.
- CIC Life Assurance Limited – Nairobi, Kenya – 100% Shareholding – Offering Life Insurance.
- CIC Asset Management Limited – Nairobi, Kenya – 100% Shareholding – Offering Financial services, investment management, Investment advisory and REITs
- CIC Africa Insurance (SS) Limited – Juba, South Sudan 69% Shareholding – Offering Insurance. (31% shareholding is by Co-op Bank South Sudan)
- CIC Africa Insurance (Malawi) Limited – ??% Shareholding – Offering Insurance. (??% Malawi Union of Savings and Credit Cooperatives)
- CIC Africa Insurance Uganda Limited – Kampala, Uganda – ??% Shareholding
- Takaful Insurance of Africa Limited
Ownership of CIC General Insurance Limited
The shares of the CIC Insurance Group Limited are listed on the NSE, where it trades under the symbol CIC. As of 31 December 2013, the five largest shareholders in the Group’s stock are depicted in the table below:
CIC Insurance Group Limited
||Cooperative Bank of Kenya
||Co-operative Bank Savings & Credit Society Ltd
||K-Unity Savings & Credit Co-operative Society
||Harambee Co-operative Savings & Credit Society ltd
||Embu Farmers Savings & Credit Co-Operative Society
||Others Local and International Investors
Governance at CIC General Insurance Limited
CIC Insurance Group Limited is governed by a twelve-person board of directors with Japheth Magomere serving as the chairman of the group and Patrick Nyaga as the Group CEO.
CIC General Insurance Limited Branches
Any questions or Enquiries? Send them an email and they will get back to you with answers as soon as possible! You can also contact them on +254 703 099 120 or 020 282 3000 or Whatsapp us on +254 722 204 572
CIC Head Office
CIC Plaza, Mara Road, Upperhill Nairobi, Kenya
,Phone:(+254) 703 099 120 (020) 282 3000
CIC Insurance- Town Office, Nairobi, Nairobi County, Kenya
, Kenya Phone:+254 703 099 500
Buru Buru Branch
Mumias Road, Ground Floor, Vision Place, Nairobi, Kenya
Nairobi, Kenya Phone:+254 773 592 119
Pamstech House Woodvale Grove Nairobi Kenya
, Kenya Phone:0718 882 826
Geoffrey Kamau Road, 2nd Floor, Mache Plaza, Nakuru, Kenya
Nakuru, Phone:(051) 221 6035 (051) 221 7204
Ronald Ngala Street, 1st Floor, Co-operative Bank Building, Eldoret, Kenya
, Kenya Phone:0703099660
CIC Insurance-Kericho, Kericho, Kericho County, Kenya
, Kenya Phone:0704 223 400
CIC Insurance Branch, Kitale, Kenya
Kitale, Kenya Phone:0703 099 951
Eagle Centre, Mbaria Kaniu Road, Naivasha, Nakuru County, Kenya
Nakuru, Kenya Phone:0703 099 763
Oginga Odinga Road, Mezzanine floor, Wedco Centre, Kisumu, Kenya
Kisumu, Kenya Phone:(057) 202 5063
CIC Insurance- Kakamega, Kakamega, Kakamega County, Kenya
, Kenya Phone:(056) 203 0242 / 0850
CIC Insurance- Kisii, Kisii, Kisii County, Kenya
, Kenya Phone:0725 987 183
CIC Insurance- Bungoma, Bungoma, Bungoma County, Kenya
, Kenya Phone:(055) 203 0121
Cold Springs, Homa Bay, Kenya,
Homabay, Kenya Phone:0770 735 827
Furaha Plaza, Nkrumah Road, Mombasa, Kenya
, Kenya Phone:0703 099 751
Almadina Plaza, Charo Wa Mae Road, Kilifi, Kenya
Kilifi, Kenya Phone:0739 111 166
Embu-Meru Highway, opposite Consolidated Bank, 3rd Floor, Sparkos Building, Embu, Kenya
Embu, Kenya Phone:0703 099 900
Ghana Street, 1st Floor, Bhatt Building
, Kenya Phone:(064) 313 0869, (064) 313 0591
Gakere Road, 3rd Floor, District Co-op Union Building, Nyeri, Kenya
, Kenya Phone:(061) 203 0657
CIC Insurance- Nyahururu, Nyahururu, Nyandarua County, Kenya
, Kenya Phone:(065) 203 2055
Pearl Place, 1st floor
Laikipia, Phone:0703 099 770
CIC Insurance- Machakos, Machakos, Machakos County, Kenya
Machakos, Kenya Phone:(044) 202 0349
CIC Insurance- Thika, Kenyatta Highway, Thika, Kiambu County, Kenya
CIC Insurance- Kiambu, Kiambu Road, Kiambu, Kiambu County, Kenya
Kiambu, Kenya Phone:(066) 202 2038