CIC Group intends to deepen its business in the heavy commercial vehicle movements and take care of loan repayments of clients whenever their vehicle is taken off the road, thanks to the CIC Motor Commercial Plus policy.
Speaking to the media recently during the second year anniversary event for Building Materials Suppliers and Transporters (BUMASUTRA) Sacco CIC Group Product champion Julius Macharia said
“Just like Motor Commercial Plus, CIC through ample research has developed tailored products to support individuals and institutions. In return, the insurance group provides a platform for people to grow businesswise.”
Macharia said that the Group is improving its existing products such as the Motor Commercial Plus in response to the emerging needs of customers. Truck owners enjoying this product from CIC are also able to monitor their vehicles in real time protecting trucks against accidental collision and/or overturning, theft, fire, riot Strike and Civil commotion, malicious damage, flood and other perils of nature and other benefits.
“Motor Commercial Plus further insures against third party liabilities, nil theft excess, riot strike and civil commotion cover. Good risk management allows good benefits control and the benefit is passed to our client,” said Macharia.
The Group comprises three subsidiaries namely CIC Life Assurance, CIC General Insurance Ltd, CIC Asset Management Ltd and partly owns Takaful Ltd. The Company was recently listed at the Nairobi Securities Exchange (NSE) and has 21 branches and a network of over 1000 financial advisors spread across the country
Data from the Kenya Revenue Authority (KRA) suggests that the industry has seen a steady growth in imported heavy commercial vehicles. Numbers have been increased from 2100 in 2008 to 2,556 in 2011. Industry experts opine that currently the number is beyond 3500 a year.
Heavy infrastructural projects across the country from the real estate sector to road constructions have been a boon to the growth of the heavy commercial vehicles sector.
Among the companies selling heavy commercial vehicles include Toyota (East Africa), Cooper Motor Corporation (CMC), General Motors (GM), Simba Colt and DT Dobie.