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The General Insurance Council of India chairman G Srinivasan has predicted that the Indian insurance industry will grow significantly in the next two years, The Pioneer reported.
"It will take some more time, may be two to three years, for the industry to achieve the desired insurance penetration of 1%," Mr. Srinivasan said. Mr. Srinivasan believes that the "industry will be able to cross the 1 trillion Indian rupees ($15 billion) premium mark and likely to achieve the gross premium collection at INR 1.1 trillion” by end of 2017