Google Search: Health Insurance big Gainer this FY

Corona crisis has spurred a massive spike in search for health Insurance (See Pic above). Compared to April-June 2019, health insurance has seen a 12 point jump while Life Insurance has seen only a 2 point jump. Vehicle Insurance has seen only a 1 point jump.

States that have seen the biggest moves in rank include

• Delhi
• Telangana
• Maharashtra

Two of these are the most affected states in the country. Other States too have seen significant jump but perhaps not as much as these 3 States

HDFC securities yesterday estimated that retail health grew about 24% while rest of the sectors haven’t grown by much. According to IRDA Life Insurance has seen a 27% drop in the first two months of the quarter.

Health Insurance has constantly grown over the last few years but high healthcare inflation since the launch of PM Ayushman Bharat and fear of COVID has sustained growth even during an economic slowdown.

ICICI Lombard is down 8% for the year while the broader market is down 17%.