Old Mutual, AXA pact heats up battle for Kenya’s premium health cover

The AXA-Old Mutual deal also includes Executive Healthcare Solutions (EHS), one of the major IPMI providers in Sub-Saharan Africa, which targets executives, expatriates, families and organisations with exclusive access to global healthcare solutions.

“This partnership strengthens Old Mutual’s mission to provide accessible, trusted and customer-focused healthcare protection that meets the needs of a dynamic and globally connected population,” said Japheth Ogalloh, managing director at Old Mutual General.

The policy also provides access to specialised services like cancer treatment, virtual doctor consultations, and mental health support with access to psychologists.

Members also benefit from medical evacuation and repatriation, as well as a second medical opinion from world-leading health specialists.

Second entry

The entry of AXA into the country’s high-end health insurance market comes barely seven months after another UK insurer, Bupa Global, entered Kenya. 

In April, Bupa opened its first African office in Nairobi after receiving approval from the Insurance Regulatory Authority (IRA).

The deal highlights a growing race among international players to capture the country’s expanding market for premium health cover.

This is amid forecasts that Kenya’s IPMI market will grow by more than 10 percent annually, driven by rising demand for cross-border healthcare and quality medical protection for executives, expatriates and globally mobile professionals.

Under the new deal, EHS will act as the exclusive distributor of AXA policies in Kenya, while Old Mutual will provide local insurance backing.

The agreement also includes the renewal-based transfer of EHS’s existing IPMI customer portfolio across several African markets.

Karim Idilby, chief growth officer at AXA, said collaborating with Old Mutual aligns with the firm’s global growth strategy.

“Old Mutual's leadership position in Kenya and East Africa makes them an ideal partner, particularly as we focus on the individuals and small and medium-sized enterprises strategic growth segments,” said Mr Idilby.

“Our deep understanding of the insurance needs of those living and working in Africa means we know what clients are looking for from their international health cover,” said Aly Maherali, CEO at EHS.

Andy O'Cain, global head of distribution at AXA, said the firm aims to sign partnerships in other markets in Africa to gain access to existing and new customers and become the leading player in the continent’s international private medical insurance market.

AXA’s move follows its recent market expansion in the UAE, as the company continues to build momentum in key global growth regions.

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