August 5, 2022
  • August 5, 2022

Post-COVID health insurance demand in India increases by 321%: report

By on July 15, 2022 0

A study based on research data on the Just Dial platform shows an increase in demand for health, travel and car insurance in Tier 1 and Tier 2 cities

A study based on research data on the Just Dial platform shows an increase in demand for health, travel and car insurance in Tier 1 and Tier 2 cities

Demand for health insurance in India surged 321% post-COVID, with Star Health, Max Bupa, Aditya Birla, HDFC Ergo and Acko dominating the top five searched and sought-after insurance brands, according to the latest Just Dial Consumer Insights released recently.

The report suggests that while searches in the April-May-June 22 quarter tripled year-over-year (YoY), quarter-over-quarter (TQ) growth was 252%, Tier I cities dominating almost 61% of health insurance demand.

Delhi, Bangalore and Mumbai were the top three Tier I cities with maximum health insurance demand. Among Tier II cities, Coimbatore, Chandigarh and Jaipur were the top three with peak demand for brands like Star Health, Max Bupa, Aditya Birla, HDFC Ergo and Acko.

Apart from health insurance, the demand for international travel insurance also saw a significant increase of 44% from the previous quarter, riding the wave of the boom in international travel by Indian travellers. The most sought after insurers were Bajaj Allianz, Tata AIG, IFFCO Tokio, New India Assurance and Religare.

Most of this demand for travel insurance came from Tier I cities which grew by 28% (QoQ) while in Tier II cities demand grew by 18% relatively less. Delhi saw the peak demand during the summer holidays which catapulted a 282% increase for travel insurance, followed by Mumbai and Bangalore. Among Tier II cities, Chandigarh saw peak demand with Coimbatore, Surat, Vellore and Indore following suit.

Demand for car insurance has also steadily increased across the country, with Acko, Go Digit, Bajaj Allianz, ICICI Lombard and Tata AIG being the five most sought-after insurance brands.

Just Dial is one of India’s leading hyper local search engines. The study, carried out on the basis of the research data that the platform has received, presented in a comparative study, compares the evolution of the demand during specific time periods. Overall traffic on Just Dial’s (Quarterly Unique Visitors) platform as of 4Q-FY22 stood at 144.8 million users, according to a statement.

“After COVID, we have seen a surge in demand for health insurance on the platform. The impact of COVID has also accelerated the penetration of health insurance in Tier II cities and we are seeing a rate higher growth rate than Tier I. There seems to be a strong trend of health awareness and awareness in Tier II cities, and we expect this to pick up momentum in the days to come”Prasun KumarCMO, just dial

Speaking about search trends, Just Dial CMO Prasun Kumar said, “After COVID, we have seen an increase in demand for health insurance on the platform. The impact of COVID has also accelerated the penetration of health insurance in Tier II cities and we are seeing a higher growth rate compared to Tier I. There seems to be a strong trend towards health awareness in Tier II cities, and we expect this to grow in the coming days. Our data suggests that the growth rate of demand (YOY) for insurance in Tier I cities increased 3 times and in Tier II it was 5.7 times.