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Rising Travel Insurance Premium

With the fall in the rupee, IRDA has provided permission to general insurance companies of increasing the premium of travel insurance policy. The industry resources informed that the premium of marine insurance is also to escalate because of the same reason.  An official of private general insurer said that they had approached Insurance Regulatory and Development Authority (IRDA) for increasing the travel insurance premium because of the rupee depreciation, as quoted by the resources.

An increasing number of overseas travelers and the rise in claim pricing, which is generally in dollars, have made travel insurance sector grow better. Adding to this fact, an official from a famous private insurance company aid that since April there has been a downfall in rupee by 20%, whereas, the claim cost for insurers have elevated as they are generally settled in dollars.

Discussing about the rise in premium, insurance officials informed that approximately 80% of travel insurance claims are related to health issues which make increase in premium rates quite obvious. Claim costs have risen by 10% and so a similar ascend is expected in case of premium.