On 1 June 2023, ICMIF members CARD Mutual Benefit Association (MBA), Inc., a member institution of the CARD Mutually Reinforcing Institutions (CARD MRI) in the Philippines and CIC Insurance Group (CIC, Kenya) signed a memorandum of understanding (MOU) at the CARD MBA Head Office, San Pablo City, Laguna (Philippines).

The MOU aims to share knowledge and expertise on microinsurance where both parties will complement each other. CIC is the largest insurance group in Kenya, Africa, while CARD MBA is the largest mutual microinsurance provider in the Philippines.

According to the agreements in the MOU, CARD MBA will support CIC with the establishment of a Microinsurance Academy; the operationalisation of a microinsurance company; and development of life and non-life microinsurance products. On the other hand, CARD MBA will learn from CIC’s expertise in non-life insurance and asset management. Ultimately, a continuous learning exchange programme between the parties shall be established.

The partnership was conceptualised and facilitated when representatives from the two companies attended the ICMIF Centenary Conference in October 2022 which took place in Rome (Italy). This was supported by Sabbir Patel, Chief Executive Officer of the ICMIF Foundation.

The MOU will be in effect for three years (2023-2026) and shall be renewed based on the mutual agreement of the parties in the future.

Photo shows (from left to right): Meshack Miyogo, Managing Director, CIC Insurance Group; Dr Jaime Aristotle B. Alip, CARD MRI Founder and Chairman Emeritus, CARD MBA; Jocelyn D. Dequito, Chief Executive Officer and President, CARD MBA; Patrick Nyaga, Chief Executive Officer, CIC Insurance Group; Dr Nelson Kuria, Chairman, CIC Insurance Group; and Janet D. Caneo, CARD MBA Deputy Director for Admin and Finance.