A cutting insert includes a body made of a ceramic material. The body has a first surface, a second surface and at least one flank surface extending between the first surface and the second surface. The first surface includes a chip forming feature extending in a radially outwardly direction to a cutting edge and extending in a radially inwardly direction to an inner edge. The chip forming feature includes a front wall that slopes downward from the cutting edge radially inward toward a rounded bottom surface and a back wall that slopes upward from the rounded bottom surface radially inward to the inner edge. The chip forming feature can include an optional land surface between the cutting edge and the front wall.