(Nairobi) – CIC Insurance Group has unveiled its inaugural sustainability report, outlining the company’s long-term commitment to creating sustainable products and providing resilient risk management solutions. This new plan, which spans six years, aims to advance the company’s sustainability goals and set ambitious targets for the future.
The sustainability strategy is designed to increase the proportion of microinsurance policies at CIC Group to 25% by 2030. This goal will help address the insurance needs of more individuals and small businesses, particularly in underserved areas. Additionally, CIC Group is committed to achieving gender balance within its workforce by 2030, while also increasing its social investment efforts to create a greater community impact.
Group Managing Director and CEO, Patrick Nyaga, emphasized that the company’s sustainability approach is grounded in the cooperative values that define the organization. He noted that CIC’s efforts focus on providing affordable and sustainable risk management solutions to its customers, which include cooperatives. Nyaga highlighted that the company’s products are tailored to address emerging risks, such as climate change, and are designed to meet the needs of diverse communities.
As part of its sustainability initiatives, CIC Insurance Group has joined global efforts by becoming signatories to the United Nations Global Compact (UNGC) Network Kenya and the Nairobi Declaration on Sustainable Insurance (NDSI). The company has also made strides toward reducing its environmental footprint by investing in low-carbon technologies, such as replacing desktop computers with laptops and retrofitting lighting systems to conserve energy. Additionally, CIC has installed a solar-powered pump at its Ushirika Gardens project, further demonstrating its commitment to environmental sustainability.
CIC Group’s Chairman, Dr. Nelson Kuria, added that the company has facilitated 40 training sessions for senior management and board members of various cooperatives on key topics such as risk management, digital lending, financial wellness, and cybersecurity. This training is part of CIC’s broader strategy to equip its stakeholders with the knowledge needed to navigate emerging challenges and trends.
The company also continues to grow its presence in the agricultural insurance sector. CIC Group has seen significant premium growth in this area and remains committed to paying claims to support farmers who suffer losses due to adverse weather conditions. Through its products, CIC aims to reduce the risks faced by agricultural businesses and farmers in Kenya and beyond.
Other social impact products include Co-opcare, a medical insurance product for cooperative members and their affiliates, Uganda’s Kameeza, a low-cost funeral expense cover, Malawi’s Abwenzi, a health insurance product focused on women and families, and the Seniors Mediplan in Kenya, a specialized health insurance offering for senior citizens over 60 years of age.
CIC Group’s sustainability journey is guided by a long-term strategy for the period between 2025 and 2030, built on four key sustainability pillars: Environmental Stewardship, Social Responsibility, Economic Resilience, and Responsible Governance. The company has outlined several ambitious targets for 2030, including encouraging community development through the CIC Foundation, supporting local entrepreneurship, fostering sustainable business practices, and promoting diversity, equality, and inclusion.
To achieve these goals, CIC Group has set specific targets to be reached by 2030. These include increasing the proportion of microbusiness policies to 25%, reducing waste sent to landfills by 25%, cutting Scope 1 and 2 greenhouse gas emissions by 30%, achieving gender balance across the workforce, and ensuring at least 1% of the workforce is represented by persons with disabilities. The company also aims to improve its customer satisfaction index to 90%.
Table: CIC Insurance Group’s Sustainability Goals by 2030
| Goal | Target |
|---|---|
| Increase microbusiness policies | 25% of policies |
| Reduce waste sent to landfills | 25% reduction |
| Reduce GHG emissions (Scope 1 and 2) | 30% reduction |
| Achieve gender balance | 50% male, 50% female workforce |
| Representation of persons with disabilities | At least 1% of the workforce |
| Customer satisfaction index | 90% improvement |