Rupee Depreciation Vs US $ to result is increase in Overseas Travel Insurance Premium

We did not realise when the Rupee was depreciating Vs US $ that it will result in increase in Overseas Travel Insurance Premium. It has really put pressure on the travel insurance portfolio of leading general insurance players and they are having no option but to go to the regulator--- Insurance Regulatory Development Authority (IRDA) --- to refile and restructure the premium charges of their products soon.

According to spoke person of HDFC Ergo, there is definitely a possibility to revise premiums. “Since almost all claims in travel insurance are denominated in foreign currency, the claim amounts are going up as the rupee depreciates. If the depreciating trend continues, premiums will   be revised upwards.”

If you are traveling frequently –it will be worthwhile for you to buy Annual Multi Trip Policy.