Only an employee and I benefit too - I suffer from peanut anaphylaxis and they're very good about food safety at work functions =)
Firstly, I'll be clear that I am not an insulin dependent diabetic, so am not commenting on those grounds.
My only comment would be to ask if this has really been thought through by all concerned. Clearly your employee has made a request it's physically possible to fulfill, but perhaps the employer needs to think a bit and find out why the employee deems the personal fridge to be necessary..
Where I just have a bit of a niggle is should something go wrong - perhaps the fridge malfunctions, or there 's a protracted power cut, maybe even out of hours. So nobody knows it has happened, or the news isn't cascaded down through the employees on a routine no need for the detail basis and the diabetic employee goes about their business as usual, but just by natural usage needs to call upon the insulin stored in the fridge. Oooops. I hasn't been kept in the correct temperature range, and if he becomes unwell as a result, who will end up on the accountable step?
I have no idea what you have in place to deal with that potential situation, but, as a former manager of lots of people, I would want to have a protective, signed, statement in place from the outset to ensure that the employee is accountable to checking the state of the fridge and his insulin, otherwise there could be a bit of a tiff.
Routinely, who will be responsible to ensuring the temperature gauge is set correctly?
And who has to clean the fridge? If it's locked, do the cleaning staff have a key to clean it in rotation with other kitchen equipment? Will they be willing to do it at all, bearing in mind the medical nature of it's content.
Obviously, I'm being pedantic here, but it's these sorts of things that can lead to tension if things go wrong; particularly if the employee feels "their" fridge will have some kind of protective force field around it.
I'll spare you any detail about a scenario I had with an indirect report who used to go loopy if anyone touched, let alone sat on, his ultra posh (also ultra expensive) chair which was provided as he sometimes has a dodgy back.
I'm absolutely not trying to dissuade your supportive attitude, but you don't know this guy, and he already seems to have some considered odd ideas/requirements/expectations.