Market News

CIC Group targets sacco market with new cover

Patrick Nyaga-cic

CIC Insurance Group chief executive Patrick Nyaga. PHOTO | POOL

CIC Group is eyeing the captive sacco market with a new cover rolled out exclusively for the movement members.

The cover dubbed CoopCare is a customised solution for saccos with a minimum of 10 principal members.

“We are launching CoopCare medical care specifically for co-operatives as a sign of continued commitment to advance co-operatives by offering relevant insurance products,” said Mr Patrick Nyaga, CIC Group chief executive officer yesterday.

The product has various plans for member only, member and the six dependents which include a premium of Sh2500 per annum for a limit of Sh100,000, Sh3,200 for Sh200,000 and Sh3,800 for Sh300,000 inpatient services.

Speaking on the launch, Mr Fred Ruoro the managing director at CIC general insurance business said paying out of pocket for healthcare and last expense expenditure can place a huge financial burden on the patient’s relatives.

This leads to erosion of prior savings and leads to accumulation of debt to pay medical bills.

“With CoopCare, we hope to see more co-operative members get access to quality healthcare services at low costs. While access to healthcare is a right, sometimes it can lead to high accumulated costs which present a financial burden, which CoopCare will ease” said Mr Ruoro.

The cover includes benefits of up to Sh50,000 in outpatient, Sh25,000 in maternity, Sh7,500 for dental and optical and Sh50,000 for last expense.

The maximum joining age is 70 and is available either as a family package allowing up to six dependents and an additional premium for each member depending on the selected plan.

Data from the 2021 annual report by the sacco societies regulatory authority (Sasra) revealed that there was a marginal increase of 3.03 percent of membership in saccos from 5.82 million members reported in 2020 to 5.99 million members in 2021.

CoopCare covers inpatient, outpatient, maternity,

[email protected]