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T.S. Vijayan, chairman of India's Insurance Regulatory and Development Authority, has said that the domestic insurance sector needs investments worth 600 billion Indian rupees ($9.4 billion) "in the next five years to increase the penetration levels substantially from the current 3.9%."
Mr. Vijayan expects 2015 to be a better year with respect to premium collection for the sector, Business Today reports citing the Press Trust of India. "There will be substantial growth" in insurance penetration in the country with the investments, Mr. Vijayan said.