Good News, Stable Rupee to Prevent Travel Insurance Premiums from Rising
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Modified 26 May 2014
The rupee has stayed stable in the last three months at 60-61
Outbound travelers are likely to benefit this year because the rupee is stabilizing and general insurance companies won't have any reason to raise premium rates as a result.
General insurers pay the claims for outbound travel insurance in foreign currency while the insurance companies gather premium in rupees.
The rupee has remained stable in the last three months at 60-61, allowing general insurance companies to maintain premium rates.
The travel insurance segment is presently a very small portfolio for general insurers - at 0.1%, or about INR5400 million (US$92 million), of the overall premium gathered by the industry.
While it is a growing portfolio, insurers believe most travelers go for travel insurance only when traveling to the Schengen area comprising 26 European nations, where insurance is mandatory, and while traveling to the US and Canada where medical expenses are very insanely high.
Whereas, while traveling to South-East Asian countries and West Asia, most tourists believe that they do not require travel insurance.
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