CIC Insurance Group has unveiled its subsidiary, CIC Impact, to tap into the microinsurance market.
The subsidiary will offer affordable insurance products targeting low- and middle-income earners, micro, small and medium enterprises, farmers, and co-operatives.
According to the underwriter, Kenya continues to face a significant insurance protection gap, with Insurance Regulatory Authority data showing insurance penetration stands at just 2.3 per cent, largely concentrated in the formal sector.
CIC aims to increase insurance uptake by offering accessible solutions tailored to underserved groups, particularly in the informal sector, with annual premiums starting below KSh 3,000.
