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India's Minister of State for Finance Jayant Sinha has said that insurance penetration in the country was 3.9% in 2013, reported The Times of India citing the Press Trust of India.
This is below the world average of 6.3%, said Mr. Sinha.
Non-life insurance penetration was 0.8% in the country in 2013, Mr. Sinha said.
Economic development of the country and reach of the insurance sector, among other factors, influence the insurance penetration level, added Mr. Sinha.