1 February 2013

Kenya: CIC Premiums Hit a Sh9 Billion Record High

PREMIUMS collected by CIC Insurance last year hit Sh9.1 billion boosted by a robust agent network and use of mobile phone technology to reach the market, group boss Nelson Kuria said.

Kuria said yesterday that the insurance market remains large and slammed insurance firms practising price undercutting which he noted was killing the industry.

"Live and let live, this scarcity mentality within the industry has to end....we have a huge market to sell to and need to get rid of the red ocean strategy of bleeding ourselves and adopt the blue ocean strategy," Kuria said yesterday.

The firm reported a 27 per cent growth in gross premium income or Sh4 billion, as at first half of 2012. "It is not in your interest as a broker or agent to have lower premiums that cannot sustain this industry," said Kuria.

He was addressing brokers, agents and company clients during an event to launch the firm's latest product- the CIC travel insurance policy.

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