Equity Bank’s insurance arm unveils healthcare product for Diaspora Market

Equity Insurance Agency has launched a healthcare product targeted at the diaspora market to benefit their loved ones back home. The product dubbed ‘Equimed’ is a medical insurance cover underwritten by Britam and covers outpatient, inpatient, maternity, dental, optical and numerous other benefits.

The agency says the rollout of Equimed abroad was borne out of research findings from a poll conducted by Equity Bank on Kenyans living abroad. When asked what type of support to their loved ones back home costs them the most, nearly 30% of them said medical care. This was the second highest rating after investments which polled at 36%.

The respondents also noted that their primary concern was on how to assist their their loved ones back in Kenya. Paying medical bills was one of the top concerns as well; with investments being their foremost concern.

As the world becomes more globalized, many enterprising Kenyans have left the country and made other countries abroad their second home, obtained jobs or started businesses and are supporting their families back home.

This comes on the backdrop of increased remittances by Kenyans living abroad which has risen by 4.1 per cent in the first half of the year to $887.6 million (Sh91.6 billion) in comparison to a similar period last year according to statistics from the Central Bank of Kenya. The report indicates that the Kenyans in diaspora sent more money home in the second quarter of 2017 compared to the first, peaking at an all-time monthly high of $161.5 million (Sh16.6 billion) in May.