Demand for health insurance in India shot up by 321% post- Covid, with Star Health, Max Bupa, Aditya Birla, HDFC Ergo, and Acko dominating the leading five searched and sought-after insurance brands, according to the latest Just Dial Consumer Insights.
The report suggests that while searches during the April-May-June’22 quarter shot up by 3X YOY, the QoQ growth was at 252% with Tier-I cities dominating almost 61 percent of the demand for health insurance.
Commenting on the search trends, Mr. Prasun Kumar, CMO, Just Dial, said: “After Covid, we have been witnessing a surge in demand for health insurance on the platform. The impact of Covid has accelerated the penetration of health insurance in Tier-II towns and cities as well and we are witnessing a higher growth rate vis-à-vis Tier-I. It is heartening to see such a strong trend of health consciousness and awareness across Tier II cities, and we foresee this to pick up further momentum in the days to come. Our data suggests that demand (YOY) growth rate for insurance in Tier-I cities grew 3X and in Tier-II it was 5.7x. Keeping in line with the rising demand, we have augmented the platform with a wide range of insurance products making Just Dial the go to search platform for India at large.”
Delhi, Bengaluru, and Mumbai were the leading three Tier-I cities with maximum demand for health insurance. Among Tier-II cities, Coimbatore, Chandigarh, and Jaipur were the leading three with maximum demand for brands like Star Health, Max Bupa, Aditya Birla, HDFC Ergo, and Acko.
Besides health insurance, demand for international travel insurance also saw a significant surge of 44% QoQ, riding on the wave of international travel boom by Indian travellers. The most sought-after insurance providers were Bajaj Allianz, Tata AIG, IFFCO Tokio, New India Assurance, and Religare.
Most of this demand for travel insurance came from Tier-I cities that witnessed a growth of 28% (QoQ) while in Tier-II cities, the demand rose by a relatively lower 18%. Delhi saw the maximum demand during the summer holidays that catapulted to a surge of 282 percent for travel insurance, followed by Mumbai and Bengaluru. Among Tier-II cities, Chandigarh saw maximum demand with Coimbatore, Surat, Vellore, and Indore, following suit.
Demand for car insurance has also been growing steadily across the country with Acko, Go Digit, Bajaj Allianz, ICICI Lombard, and Tata AIG being the five most searched insurance brands.