Life Insurance Bonus 2013-2015

KIC wishes to announce that Life Bonus for 2013 to 2015 is now ready for collection starting from Monday the 14th of November 2016.

 

The Life Bonus payout/payment applies only to our clients/customers with Policies already surrendered, matured, etc.  Apply now by visiting our Office at Bairiki SuperMall (Room#2;2nd Floor) or contact our office with contact details shown below.

 

Those with Current Policies will have their Bonuses included in their claim upon maturity or termination of their policy so need not to apply now.

 

Contact our office on telephone number 22627/22628/22629 else email us at enquire(at)kic.org.ki for clarification.

 

Contact Info

Email contact: enquire(at)kic.org.ki

Telephone: (+686) 22627; 22628; 22629

Postal address: P.O.Box 38, Bairiki, Tarawa, Kiribati 

Physical address: No.2, 2nd Floor, Wishing Star Super Mall, Bairiki, Tarawa, Kiribati 

 

Post Announcement

Applications are now invited from suitably qualified persons to fill in one (1) vacant post of Senior Non-Life Clerk, Level 11-10 within the Kiribati Insurance Corporation.

Read more: Post Announcement

KIC Office New Location

The Kiribati Insurance Corporation is pleased to advice the general public and valued customers that its main office at Betio, opposite BTC JSS has now moved to the Wishing Star Bairiki Super Mall, 2nd Floor opposite KPF building. Effective from Monday 1st September 2014, all Life and Non-life Insurance services would be provided from this new office. Please also take note that the telephone numbers at the new office are 22627, 22628 and 22629.

The office at Kirimati branch remains at the usual location and at the same address.

Thank you and looking forward to meet and serve you at our new office.

To view KIC location, click on the read more option for map details.

Read more: KIC Office New Location

About Us

The Kiribati Insurance Corporation was established on the 1st of June 1981 under Cap45A of the laws of Kiribati to carry out the business of insurance services to the people of Kiribati on an exclusive basis (section 3(1) and (2) of Cap 45A. The Corporation has no paid up Capital. Its operations are based on a repayable start-up capital of AUD$20,000.00 from the Government of Kiribati. The loan is not repayable until 31 of May 1986. Its initial location was situated at Bairiki beside the AG's Office but now occupied by the PSC Office. In 1994 it moved to KPF Office complex building. In 2003, it moved again to Betio opposite the BTC JSS. Establishment of Kiribati Insurance Corporation 
The Kiribati Insurance Corporation (KIC) is set up under the Insurance Act -Cap 45A (Revision in June 1981).

Nature of business, description of operations and location of activities. 
KIC core business stipulated under the Insurance Act, Cap 45A is to carry on insurance business. The headquater is located in Betio and there is a branch in Kiritimati island. The nature of the KIC business involves:-

·         Offering contacts of insurance whereby the client accepts the offer (as in the terms and conditions) and is prepared to pay a consideration called premium on acceptance of the offer.

·         Pooling risks together and compensates those unfortunate clients that sustain loss by repairing damages caused or replacing total loss items.

·         Indemnification - the idea to put the customer back to his original situation just prior to the incident that caused the loss. Due to multi-disciplinary risks, these risks are categorized according to their broad types and further to their respective sub-classes in each category. The two main categories are as follows:-

o    General (Non-Life) insurance

o    Life Insurance

·         The five major classes in the Non-life are as follows:-

o    Motor (vehicles and Motor cycles)

o    Marine & Aviation

o    Fire

o    Liability

o    General (Miscellaneous- Those that do not fit in the above four classes)

·         The only life insurance services offered is Life endowment with profits.


Vision.

"Everybody in Kiribati feeling financially safe and secure"

 

Mission.

"To provide appropriate and affordable insurance cover and security to everyone in Kiribati"

 

Values.

KIC is dedicated to the following values:

·         Responsiveness and professionalism toward our clients and agents/brokers.

·         Demonstrated expertise in the management and underwriting of risks, financial planning and preparedness in claims handling.

·         Continual improvement in our financial and operational performance.

 

·         Maintaining and enhancing the confidence of all KIC stakeholders including our clients/insured's, agents/brokers, employees, investors, re-insurers and regulator.