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India: Insurance penetration rises to nearly 4%

December 30, 2013 - 6:00am

Insurance penetration in India has gone up from 2.72% in 2000 to nearly 4% in 2013, T.S. Vijayan, chairman of Insurance Regulatory and Development Authority, said.

Mr. Vijayan said that while insurance products created in line with old norms are going off the shelf by Dec. 31 2013, there would be no shortage of new products as the regulator had given approval to around 450 to 500 of them, The Hindu reported.

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