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CIC Blog

UNDERSTANDING THE IMPORTANCE OF INSURANCE

Insurance penetration in Kenya has been very low at below 3% of the population. Majority of Kenyans do not have any sort of insurance because of various reasons. Some of these reasons include; lack of education on the importance of insurance, mistrust, myths around insurance, high cost of insurance among others. Some of the myths around insurance are; the belief that the processes involved in insurance such as getting claims are too complicated, perceived...

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CIC Blog

UNDERSTANDING COMPREHENSIVE CAR INSURANCE

It is important to choose the right kind of insurance for your vehicle and which one will suit you, your family and vehicle better. There are primarily two main car insurance covers namely comprehensive car insurance and third party car insurance. In this article, we are going to look into what a comprehensive car insurance cover is and its benefits. A comprehensive car insurance policy is one of the most preferred type of car insurance,...

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CIC Blog

UNDERSTANDING THE DIFFERENT TYPES OF MOTOR INSURANCE COVERS

In Kenya, it is mandatory for your vehicle to have a motor insurance cover before being used on a public road. The law of Kenya requires you to display the car insurance certificate on the windshield of your car where it is possible for a police officer to inspect it. The importance of having a motor insurance cover is that, it offers financial security in case one gets into an accident. This means that, the...

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CIC Blog

WHY YOUTH NEED START SAVING EARLY FOR RETIREMENT

Saving for retirement ensures that you not only live a comfortable life in your golden years but also helps one have the financial freedom. However, in Kenya, latest figures by the Retirement Benefits Authority as at 2019 show only 21 per cent of the working population are part of pension schemes. This leaves at least 12 million people with no sort of retirement or social security fund to rely on when they retire. In a...

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CIC Blog

WHAT IS AN EMERGENCY FUND AND WHY YOU NEED IT

Two years ago, no one would have predicted that there would be a global pandemic affecting the world. The current pandemic has served as a good reminder on the importance of building an emergency savings fund you can easily tap into during times of financial distress. Having access to liquid savings can lower financial stress for many families especially in times like these. An emergency fund is a cash reserve that is specifically set aside...

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CIC Blog

WHY LIFE INSURANCE COVER IS ESSENTIAL FOR EVERY KENYAN

Ask most people what life insurance is, and they will tell you it’s a policy you buy that pays money to your family if you pass away. Life insurance is a contract between you and an insurance company. Essentially, it is designed to protect your family and the people depending on you for financial support in the event you lose your income due to critical illness or untimely demise. There are two main types of Life...

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CIC Blog

CIC GENERAL INSURANCE WINS BEST AUTOMOTIVE INSURER IN 2020

Nairobi, December 17, 2020 –CIC General Insurance, a leading general insurer in Kenya has been declared the Best Automotive Insurer at the Automotive Industry Excellence Awards, 2020. This comes a year after the company won as the Most Preferred Private Vehicle Insurer at the same awards held in 2019. Speaking when receiving the award, CIC Ag Managing Director General Business, Ms. Grace Nzivwa reiterated that the organization has continued to ensure the needs of its...

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CIC Blog

CIC INSURANCE WINS BEST MOTOR INSURER CHEKI AWARD IN 2020

Nairobi, December 22, 2020- CIC Insurance Group, a leading financial service provider has been named the Best Motor Insurer at the Cheki Awards, 2020. The win comes at a time when the company is repositioning itself to become the market leader in general business, following a recently concluded five-year strategic plan development process, for the period 2021 to 2025. Commenting on the award recognition, GM Marketing and Customer Experience Mr. Joseph Kamiri stated that technology...

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CIC Blog

HEALTH NUGGET: DIABETES MELLITUS AND COVID

World Diabetes is held on November 14th every year. Globally, someone dies every 8 seconds from diabetes. Over 1.8 million Kenyans aged between 20 and 79 years have diabetes. One out of every four people with diabetes do not know they have it. Diabetes in rapidly increasing in Kenya because of lifestyle changes, from our traditional way of life. What is diabetes mellitus? Diabetes is a medical problem caused by inability of our bodies to breakdown...

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CIC Blog

FINANCIAL WELLNESS DURING AND POST COVID 19

According to an article by Alex Kessler published in February 2020 in the Centre for financial inclusion magazine, finances are the most common stress factors amongst Kenyans and managing that stress through financial wellness can have real benefits to a person’s health. Financial wellness is the ability to have a healthy financial life. It means your debts are payable and one has ample day to day, emergency and retirement funds. According to the Kenya Bureau...

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