Insurer unveils global medical cover
PHOTO | FILE Jubilee Insurance has partnered with Bupa International to introduce an international medical cover that will see its clients access healthcare services abroad.
What you need to know:
- New products by Jubilee aim at meeting growing demand for health care services, as firm widens underwriting portfolio
Jubilee Insurance has introduced international medical cover that will see its clients access healthcare services abroad, as it moves to widen its underwriting portfolio in the sector.
The insurer has partnered with Bupa International, an UK-based health underwriter, to offer the local market the expansive range of international medical covers.
“We have partnered with Bupa, which is a reputable, internationally known firm, to introduce the products for our clients in the region. This will enable us to meet the growing demand for international medical insurance,” said the company’s chief executive, Mr Patrick Tumbo.
Some of the products Jubilee will be rolling out include Word Medical Insurance for essential treatment in hospitals outside Kenya, whether pre-planned or emergency.
Overall limit
It covers consultation fees, surgery, cancer treatment, advanced medical imaging like CT and MRI scans and hospital admissions. The annual overall limit is Sh160 million.
“Our current medical cover is limited to certain amounts which may not work for hospitals abroad. With Bupa International, our clients will receive the best medical care from the best international hospitals,” added Mr Tumbo.
Another international medical private cover to be offered by Jubilee — dubbed Bupa Flex — targets those going abroad for short periods.
Initially, Bupa International will underwrite the products and Jubilee will act as the distributing partner, before the local insurer takes a percentage of the risk and underwrites the products in relation to the local needs.
The partnership will also offer the international insurer a platform to join the local market.
Tailored service
“We are delighted to be working with Jubilee. This partnership will help us deliver a tailored service for customers, providing a blend of local knowledge and international know-how,” said Bupa International’s managing director Wayne Close.
The strategic partnership by the two insurers has received the nod from the market regulator, the Insurance Regulatory Authority.
Medical insurance is the second largest insurance class in Kenya, with Sh8.9 billion gross written premiums, which represents 14.7 per cent of the sector.
The sector has been grappling with huge losses despite various industry-wide efforts to stop the trend.
