Previously referred to as Co-operative Insurance Services Limited, CIC Group is an insurance firm which offers insurance and investment services both locally and across the borders.
The company’s origin dates back to 1968 when it operated under Kenya National Federation of Cooperatives. In 1978, the department was registered and licensed to operate independently as Co-operative Insurance Services Limited. In 1999, the company changed its name to Co-operative Insurance Company of Kenya Limited before rebranding to CIC Insurance Group Limited in 2010.
CIC Insurance Group has opened a network of branches in Kenya and across the borders in countries such as; Uganda, South Sudan and Malawi. With the group’s headquarters located in CIC Plaza, Mara Road Upperhill Nairobi, local customers have gained a lot from this insurance company with services such as; asset management, health and motor insurance, pension and annuities.
CIC Insurance Group has established its services to East African markets in a phenomenal way. For instance, the group looks forward to partner with the Ugandan SACCOs to establish an insurance company where the parent group will own 60% while the remaining 40% will be shared among the local cooperatives. In Malawi, the company will own 70% while the remaining 30% will be owned by the Farmers Union of Malawi and the Malawi savings cooperatives.
In 2016, the Insurance Regulatory Authority ranked CIC Group 4th with a share market of 6.91%.
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