CIC Insurance Group has partnered with Philippines’ largest microinsurance provider as it ramps up low-cost covers to strengthen a segment it pioneered 26 years ago.
The insurer, which secured a licence for a micro-insurance subsidiary in October last year, has partnered with CARD Mutual Benefit Association (CARD MBA), becoming the latest underwriter to turn to Asia for expertise in scaling uptake of covers targeting the informal sector.
CIC first introduced a micro-insurance product in 2000 in partnership with Vision Fund Kenya (then known as Kenya Agency for the Development of Enterprise and Technology) and strengthened its offering in 2007 under the ‘Bima ya Jamii’ package. However, the segment lost momentum over time.
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