![IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23 IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuCwETRIl0NPFIsi6xhm9AOMZctrM-5OtGVjz1-lj6XjTm8uSAAnsyRHKMKsK-W7b_KbeZVk-Jin17kiP9Y3YizX1WngNLoT9XtpAbWyXMfFiUSrPvo2NjBjew28JCcsTiNhvHQ8H92NNCpUL9i3n1o2PFmRDHKFlXpWBXagb3Syc_wZqGOYQhfBvkUZ-o/w320-h192-rw/Copy%20of%20Copy%20of%20Copy%20of%20Untitled%20(500%20%C3%97%20300%20px)%20(500%20%C3%97%20280%20px).png)
- The report also highlights several other key findings, including:
- The life insurance industry continued to dominate the market, accounting for 72% of total gross premium income.
- The non-life insurance industry grew at a faster pace than the life insurance industry, with a growth rate of 14.2% compared to 9.3%.
- Health insurance was the fastest-growing segment of the non-life insurance industry, with a growth rate of 25.3%.
Question:
Q.1 What was the insurance penetration rate in India in 2022-23?a. 3%
b. 4%
c. 5%
d. 6%