Demand for Health Insurance in India Surges by 321% Post-Covid: Just Dial Report
Health Insurance Searches Witness 3X YoY Growth in April-June Quarter
Demand for health insurance in India has experienced an unprecedented surge of 321% following the Covid-19 pandemic, according to the latest report from Just Dial Consumer Insights. The study reveals that searches for health insurance during the April-May-June 2022 quarter increased threefold compared to the previous year. Notably, the quarter-to-quarter growth stood at an impressive 252%.
Tier-I Cities Dominate the Health Insurance Market
The report highlights the dominance of Tier-I cities in driving the demand for health insurance, accounting for nearly 61% of the total market. Leading the pack are Delhi, Bengaluru, and Mumbai, with a significant number of individuals seeking health insurance coverage. Tier-II cities, including Coimbatore, Chandigarh, and Jaipur, also demonstrated substantial demand for insurance brands like Star Health, Max Bupa, Aditya Birla, HDFC Ergo, and Acko.
Health Consciousness and Awareness Rising in Tier-II Cities
Mr. Prasun Kumar, CMO of Just Dial, commented on the search trends, stating that the impact of Covid-19 has accelerated the penetration of health insurance in Tier-II towns and cities. He expressed delight in witnessing the growing trend of health consciousness and awareness in these regions, which has resulted in a higher growth rate compared to Tier-I cities. The data suggests a YoY growth rate of 5.7x in Tier-II cities and 3x in Tier-I cities.
International Travel Insurance Demand Witnesses 44% QoQ Surge
Apart from health insurance, there has been a significant surge of 44% in the demand for international travel insurance, fueled by the booming international travel industry. Bajaj Allianz, Tata AIG, IFFCO Tokio, New India Assurance, and Religare were among the most sought-after insurance providers in this category.
Delhi Leads in Travel Insurance Demand, Followed by Mumbai and Bengaluru
Delhi witnessed the highest demand for travel insurance during the summer holidays, experiencing a surge of 282%. Mumbai and Bengaluru closely followed with substantial growth rates. Among Tier-II cities, Chandigarh emerged as the frontrunner, with Coimbatore, Surat, Vellore, and Indore also witnessing a significant rise in demand.
Steady Growth in Car Insurance Demand Across India
The demand for car insurance has been steadily growing throughout the country. Acko, Go Digit, Bajaj Allianz, ICICI Lombard, and Tata AIG emerged as the top five most searched insurance brands in this segment. As more people recognize the importance of insuring their vehicles, the market for car insurance is expected to continue its upward trajectory.