The Board of CIC Insurance Group has announced the appointment of Mr Patrick Nyaga as the Group Chief Executive Officer with effect from 22nd June, 2020.
Mr Nyaga, who, has been a director on the CIC Board for the past 9 years, takes over from Tom Gitogo who cut short his contract and quit the underwriter in October, 9th, 2019.
Following the exit of Mr. Gitogo, the CEO position was under Mr. Elijah Wachira, in an acting capacity.
Mr. Nyaga has over 28 years of experience gathered in various blue chips including Barclays Bank(ABSA), audit firm KPMG and Co-operative Bank where he served as the Group Finance and Strategy Director.
“He has key strengths that well 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 Mr Japheth Magomere, CIC Group Chairman of the Board.
Mr Nyaga is expected to use his vantage position in the finance world to ensure operational efficiency with huge cost savings, sales force efficiencies, performance-based reward structures, data analytics and digitization.
He has over 16 years in the banking industry and holds an MBA from Strathmore Business School, a Bachelor of Commerce degree in Accounting and is also a Certified Public Accountant (K) and a member of ICPAK.
Mr Nyaga is expected to drive the Group’s digitization of all its business processes to serve an emerging digital economy that has emerged due to the COVID-19 outbreak.
The spread of COVID-19 is expected to affect the life business through increased claims in case of mortality from the pandemic. Negative disruptions in business activity could also raise defaults in payment of insurance premiums.
There is also going to be dip in motor insurance business as fewer people drive to and from work.
Growth in employee liability could also increase if cases of contracting the disease while at work can be proven.