Good News, Stable Rupee to Prevent Travel Insurance Premiums from Rising
- DetailsWritten by PolicyBazaar -
- Hits : 4036 -
Updated date : 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.
- Most Read
- 7 Things To Know Before Claiming International Travel Insurance
Date: 31 December 2019
- Top 8 Tips to Follow When Travelling to Thailand in 2021
Date: 27 November 2019
- These 9 Important Things That Every Frequent Overseas Traveller Should Have
Date: 14 November 2019
- How Important is to Buy Travel Insurance when Travelling to the US?
Date: 05 November 2019
- International Travel Insurance Myths You Got to Stop Believing
Date: 20 August 2019
- 10 Best Travel Insurance Plans for Your New Year Travel
Views : 13150
- What are the benefits of International Travel Insurance?
Views : 13026
- How to Get the Best Deals on Travel Insurance?
Views : 11449
- International Travel Insurance Plans
Views : 10650
- How Trip Cancellation Affects Your Travel Insurance
Views : 9257