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CIC writes off Sh900m uncollectible premiums
CIC Group chief executive officer Patrick Nyaga (right) with chief financial officer Philip Kimani during the release of the insurer's 2022 financial results on March 22, 2023. PHOTO | POOL
CIC Insurance Group has written off Sh900 million uncollectible premiums as it sought to clean from its books debts that had accumulated over the years, and with remote chances of being recovered.
The underwriter says about Sh650 million relates to unremitted insurance premiums of Sh10,000 and below, mainly in the hands of direct customers and agents.
