London-headquartered international private medical insurance provider Bupa Global, has opened in Nairobi, its first office in Africa after obtaining a licence from the Insurance Regulatory Authority (IRA).
Bupa Global is eyeing Kenya’s health insurance market that is projected to nearly double in size, growing to KES357bn ($2.8bn) projected for this year from KES183.4bn in 2022, according to local media reports.
According to Bupa Global managing director Anthony Cabrelli, the expansion reflects broader trends across sub-Saharan Africa, with earlier predictions identifying it as a leading area of IPMI growth, projected at a compound annual growth rate of around 14-15% by 2025.
“Kenya is a crucial market for us and a gateway to the incredible opportunities we see across Africa. With a local office and continued investments in digital capabilities, we’re creating an ecosystem that makes world-class healthcare more accessible across the region.”
He added that the Kenyan government’s Vision 2030 plan, which prioritises access to quality healthcare, provides an ideal environment for Bupa Global’s services.
“The recent enactment of the Social Health Insurance Act, mandating health coverage for all citizens, underscores the growing demand for comprehensive and accessible healthcare solutions.”
The firm said that the Nairobi office will help meet this demand by using innovative new digital tools and offering a range of international health insurance plans designed for SMEs, individuals, expatriates and corporates.
It added that customers would benefit from direct access to leading medical specialists and a global network of top healthcare providers. Existing customers in Kenya will continue to enjoy uninterrupted service as they transition to the local office.
Mr Uditha Jayaratne is the CEO and principal officer of the new unit, Bupa Global Kenya.