General insurance companies have sought approval from IRDA to increase the travel insurance premium due to the fall in the rupee, industry sources said.

The premium of marine insurance is also likely to be increased on the back of the rupee fall, they said.

"We have gone to Insurance Regulatory and Development Authority (Irda) to increase the premium in the travel insurance segment due to the rupee depreciation," an official of a private general insurer told PTI.

The travel insurance segment, a growing category thanks to overseas travellers, has seen a rise in claim pricing as the majority of the claims are settled in dollars.

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