Post-COVID demand for medical health insurance in India shoots up by 321%: report

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Study done on the premise of search data on Just Dial platform shows a rise in demand for health, travel and automobile insurance in Tier 1 and Tier 2 cities

Study done on the premise of search data on Just Dial platform shows a rise in demand for health, travel and automobile insurance in Tier 1 and Tier 2 cities

Demand for medical 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, in line with the most recent Just Dial Consumer Insights released recently.

The report suggests that while searches through the April-May-June’22 quarter shot up 3 times year-on-year (YoY), the quarter-on-quarter (QoQ) growth was at 252% with Tier-I cities dominating almost 61% of the demand for medical health insurance.

Delhi, Bengaluru and Mumbai were the three leading Tier-I cities with maximum demand for medical health insurance. Amongst 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 medical health insurance, demand for international travel insurance also saw a big surge of 44% QoQ, riding on the wave of international travel boom by Indian travellers. Essentially the most sought-after insurance providers were Bajaj Allianz, Tata AIG, IFFCO Tokio, Recent India Assurance and Religare.

Most of this demand for travel insurance got here from Tier-I cities that witnessed a growth of 28% (QoQ) while in Tier-II cities, the demand rose by a comparatively lower 18%. Delhi saw the utmost demand through the summer holidays that catapulted to a surge of 282% for travel insurance, followed by Mumbai and Bengaluru. Amongst Tier-II cities, Chandigarh saw maximum demand with Coimbatore, Surat, Vellore and Indore, following suit.

Demand for automobile 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.

Just Dial is amongst India’s leading hyper local search engine. The study, done on the premise of the search data that the platform has received, presented in a comparative study, compare the shift in demand during specific timelines. The general traffic on Just Dial’s platform (Quarterly Unique Visitors) in 4Q-FY22 stood at 144.8 million users, in line with a release.

“After COVID, now we have been witnessing a surge in demand for medical health insurance on the platform. The impact of COVID has accelerated the penetration of medical health insurance in Tier-II towns and cities as well and we’re witnessing a better growth rate vis-à-vis Tier-I. There appears to be a robust trend of health consciousness and awareness across Tier II cities, and we foresee this to select up further momentum in the times to return”Prasun KumarCMO, Just Dial

Speaking in regards to the search trends, Just Dial CMO Prasun Kumar said: “After COVID, now we have been witnessing a surge in demand for medical health insurance on the platform. The impact of COVID has accelerated the penetration of medical health insurance in Tier-II towns and cities as well and we’re witnessing a better growth rate vis-à-vis Tier-I. There appears to be a robust trend of health consciousness and awareness across Tier II cities, and we foresee this to select up further momentum in the times to return. Our data suggests that demand (YOY) growth rate for insurance in Tier-I cities grew 3 times and in Tier-II, it was 5.7 times.”

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