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 had no paid up Capital and its operations are based on a repayable start-up capital of AUD$20,000.00 from the Government of Kiribati. The loan was not repayable until 31 of May 1986. Its initial location was situated at Bairiki beside the AG's Office which is now occupied by the PSC Office. In 1994 it moved to KPF Office complex building. In 2003, it moved to Betio opposite the BTC JSS. In 2014 it moved office to the Supermall located in Bairiki and again in June 2020 it moved to KGGA Building also located in Bairiki while awaiting soon to be constructed proudly owned KIC-Building in Bairiki.
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. KIC headquarter office is located in Bairiki and there is a branch office in Kiritimati island. The nature of the KIC business involves:-
"Everybody in Kiribati feeling financially safe and secure"
"To provide appropriate and affordable insurance cover and security to everyone in Kiribati"
KIC is dedicated to the following values: