NAIROBI, Kenya, June 9-CIC Group has appointed Patrick Nyaga as the group Chief Executive Officer effective June 22.
Nyaga will be taking over from Elijah Wachira who was holding the position in acting capacity following Tom Gitogo’s resignation in late 2019.
He previously served as a board member in CIC and worked as a Group Finance and Strategy Director for Co-operative Bank Group before his new appointment.
According to the company, Nyaga has had a wide experience of over 28 years in Kenya and region with various organizations.
“He has key strengths that will position him to drive the CIC Group business at this critical period-which include great links and experience with the Co-operative movement who are CIC’s core primary market segment as well as core shareholder base,” said CIC Group Board Chairman Japheth Magomere.
At the same time, he holds an MBA from Strathmore Business School, a Bachelor of Commerce degree in Accounting and is also a Certified Public Accountant and a member of ICPAK.
He joins the sector at a time when the country is facing the Coronavirus pandemic affecting how the medical insurance sector usually operates.
Already, Insurance Regulatory Authority (IRA) told the Senate that insurance companies will not pay for treatment in private hospitals where bills range from Sh600,000 to Sh1.2 million and will only cater to the treatment of the virus estimated at Sh135,000.
Overall, insurance penetration in Kenya in 2019 dropped to 2.43 percent of Gross Domestic Product.
This was the lowest 15 years backed on price undercutting.
