Kenya’s increasing number of dollar millionaires has led insurance companies to develop specialized health and wealth services catering to high-net-worth individuals. Jubilee Health Insurance recently introduced the Elite Wellness Club, a program that offers a wide range of top-notch healthcare services in collaboration with various healthcare providers. Aga Khan University Hospital is the first partner hospital to join the initiative. Executives who enroll in a medical cover receive an invitation to join the prestigious club and gain access to exclusive benefits and services designed to meet their unique needs.
Members of the Elite Wellness Club will receive personalized care and priority access to premier service providers, ensuring a seamless and efficient healthcare journey. Njeri Jomo, the CEO of Jubilee Health, stated that the product caters to the specific requirements of business executives, aiming to provide express services to C-suite clients. Aga Khan University Hospital CEO Rashid Khalani expressed excitement about the collaboration, highlighting the holistic care and wellness programs they would provide.
While the insurance firm did not disclose the qualifying amount for the club, this development follows Old Mutual Investment Group’s launch of three wealth plans targeting high-net-worth individuals. These custom investment portfolios guide clients in growing, leveraging, protecting, and transferring wealth, requiring a minimum investment of Sh10 million or its equivalent in a preferred hard currency.
I&M Bank also ventured into wealth management and advisory services, diversifying its non-funded income portfolio. Through I&M Capital, they offer a range of products and services, including fixed-income securities, portfolio restructuring, investment loans for government securities, insurance products, equities, and offshore investments in partnership with Bank One Mauritius.
These tailored services arise from the growing number of dollar millionaires in Kenya, ranking the country fourth in the continent after South Africa, Egypt, and Nigeria, according to the Africa Wealth Report by Knight Frank. Kenya currently has 8,500 individuals with a net worth exceeding $1 million (Sh117 million).