This archive report was first published on 9 June 2020.
CIC Group has announced the appointment of Patrick Nyaga as its new Chief Executive Officer, effective June 22, 2020. This appointment comes at a critical time for the company, as the country grapples with the COVID-19 pandemic.
Nyaga brings over 28 years of experience in the region, having worked with various organizations. He previously served as a board member at CIC and held the position of Group Finance and Strategy Director at Co-operative Bank Group.
According to CIC Group Board Chairman Japheth Magomere, Nyaga's key strengths include his experience with the Co-operative movement, which is CIC's core primary market segment and shareholder base.
With an MBA from Strathmore Business School and a Bachelor of Commerce degree in Accounting, Nyaga is also a Certified Public Accountant and a member of ICPAK.
His appointment comes at a time when the insurance sector is facing significant challenges, including a drop in insurance penetration in Kenya to 2.43 percent of Gross Domestic Product in 2019, the lowest in 15 years.
